Goldman Sachs CEO David Solomon has outlined an ambitious vision for artificial intelligence that contradicts widespread fears about AI-driven job losses. Speaking to Bloomberg in Italy, Solomon declared that AI technology will enable the investment banking giant to expand its workforce over the next decade, rather than reduce it.
Solomon drew on his 42-year career to illustrate AI’s transformative potential. He recalled spending hours in libraries using microfiche to compare companies—a task that can now be accomplished simply by “speaking into your phone.” This dramatic shift exemplifies how AI is revolutionizing financial services workflows.
The firm is backing this vision with substantial investment, spending approximately $6 billion on technology this year alone. Solomon candidly admitted he wished the budget was closer to $8 billion, but profitability constraints limited the spending. Goldman Sachs currently employs around 46,000 people, including roughly 12,000 technologists under Chief Information Officer Marco Argenti.
Solomon’s strategy centers on three pillars: people, capital, and technology. He emphasized that AI tools allow “smart, talented, driven, sophisticated people” to access superior information and conduct more sophisticated analysis. The CEO envisions AI enabling Goldman to serve a wider client base, creating demand for more client-facing professionals even as automation reduces headcount in certain operational areas.
In software development, the productivity gains are already materializing. Solomon highlighted the firm’s partnership with Cognition Labs’ Devin, noting that “one great coder now… really creates massive coding capacity for one coder as opposed to having 10, 20 people sit around for a few days.” Goldman also deployed an internal AI assistant to all employees this summer, democratizing access to AI capabilities across the organization.
Regarding AI investment trends, Solomon offered a measured perspective on potential bubble concerns. While acknowledging the enthusiasm driving capital deployment, he predicted a bifurcated outcome: “At the end of the movie, there’ll be a bunch of winners, and there’ll be a bunch of losers.” He cautioned that excitement often causes investors to overweight potential upside while underestimating risks—a classic recipe for market volatility.
Key Quotes
When I started 42 years ago and I wanted to look at five different companies and think about how to compare the trading in five different companies, I had to go to the library, I had to go to the microfiche, I had to spend hours really thinking about how to put that comparison together. Now, you can do that just speaking into your phone.
Goldman Sachs CEO David Solomon illustrated the dramatic transformation AI has brought to financial analysis, contrasting the labor-intensive research methods of the past with today’s voice-activated instant access to information.
I think we’re going to be running a much bigger enterprise. There are obviously things where we’re going to have a lot fewer people — but I’d love to have the capacity to go get more people to spend time with clients.
Solomon outlined his vision for Goldman’s future, acknowledging that while AI will reduce headcount in some areas, the overall expansion enabled by technology will create net job growth focused on client-facing roles.
So one great coder now, with tools such as Cognition Labs’ Devin, for example, really creates massive coding capacity for one coder as opposed to having 10, 20 people sit around for a few days. So, big productivity there.
The CEO highlighted specific productivity gains in software development, referencing Goldman’s partnership with Cognition Labs to demonstrate how AI tools are multiplying individual developer output.
I guarantee to you, at the end of the movie, there’ll be a bunch of winners, and there’ll be a bunch of losers. There’ll be a bunch of capital that was deployed that ultimately delivered very attractive returns, and there will be a lot of capital that was deployed that did not deliver returns.
Solomon offered a nuanced view on AI investment trends, cautioning that despite the excitement, the current wave of AI spending will inevitably produce both spectacular successes and significant failures.
Our Take
Solomon’s optimistic workforce projection deserves scrutiny. While his vision of AI-enabled expansion is compelling, it assumes Goldman can successfully grow its addressable market and client base proportionally to productivity gains—a significant assumption in competitive financial services. The real insight lies in his acknowledgment of role transformation rather than simple elimination. Goldman appears to be betting that AI will automate routine analysis while creating demand for relationship-focused professionals who leverage AI tools. This mirrors broader labor market trends where AI augments rather than replaces human judgment in complex domains. His bubble warning is particularly noteworthy coming from an investment bank profiting from AI enthusiasm. The comparison to previous technology cycles suggests sophisticated investors are already pricing in significant failure rates among AI ventures, even as aggregate spending continues climbing. Goldman’s $6 billion technology budget represents both conviction and caution—substantial commitment tempered by return requirements.
Why This Matters
Solomon’s comments represent a significant counternarrative to prevailing concerns about AI-driven unemployment in white-collar sectors. As CEO of one of the world’s most prestigious investment banks, his perspective carries substantial weight in shaping how financial services—and corporate America broadly—approach AI adoption.
The $6 billion technology investment underscores how seriously major financial institutions are taking the AI revolution. This level of spending signals that AI transformation is not experimental but central to competitive strategy. Goldman’s approach of using AI to expand capacity rather than simply cut costs could become a template for other enterprises, demonstrating how technology can enable growth rather than just efficiency.
Solomon’s candid acknowledgment of an emerging AI investment bubble—with inevitable winners and losers—provides valuable perspective for investors and businesses navigating the hype cycle. His warning about excitement-driven capital deployment echoes lessons from previous technology booms, suggesting that despite AI’s transformative potential, disciplined evaluation remains essential. For the broader workforce, Goldman’s vision offers cautious optimism: AI may eliminate certain roles while creating demand for higher-value positions focused on client relationships and strategic work.
Recommended Reading
For those interested in learning more about artificial intelligence, machine learning, and effective AI communication, here are some excellent resources:
Recommended Reading
Related Stories
- How Companies Can Use AI to Meet Their Operational and Financial Goals
- Sam Altman’s Bold AI Predictions: AGI, Jobs, and the Future by 2025
- The Impact of AI on Software Engineering Jobs and Market Outlook
- Tech Workers Are the Real Winners in the AI Talent War, With Pay Set to Soar by 2024
- Wall Street Asks Big Tech: Will AI Ever Make Money?
Source: https://www.businessinsider.com/goldman-ceo-david-solomon-ai-headcount-investment-spending-2025-10