Goldman Sachs CEO David Solomon has revealed significant plans regarding artificial intelligence implementation and its impact on the company’s workforce. Speaking at the Future Investment Initiative conference in Saudi Arabia, Solomon projected that AI could affect up to 50% of Goldman’s current headcount of 50,000 employees over the next 5-10 years. However, he emphasized this doesn’t necessarily mean job losses, but rather a transformation in how work is performed. The investment bank is making substantial investments in AI technology, with plans to spend hundreds of millions of dollars annually by 2025. Solomon highlighted that AI’s integration would primarily enhance employee productivity and efficiency rather than completely replace human workers. He noted that while certain tasks will be automated, new roles will emerge, and existing positions will evolve to incorporate AI capabilities. The CEO’s comments align with Goldman’s broader strategy of technological advancement while maintaining human expertise in critical decision-making processes. Solomon also addressed the competitive landscape, acknowledging that staying ahead in AI implementation is crucial for maintaining the bank’s market position. The firm’s approach reflects a balanced view of AI adoption, focusing on augmenting human capabilities rather than wholesale replacement, while recognizing the significant impact this technology will have on the financial services industry’s future workforce structure.
Source: https://www.businessinsider.com/goldman-ceo-david-solomon-ai-headcount-investment-spending-2025-10