Goldman Sachs CEO David Solomon has outlined a vision for AI-driven workforce transformation that emphasizes quality over quantity, stating the investment bank needs “more high-value people” rather than fewer employees overall. In an interview with Axios, Solomon explained that artificial intelligence will fundamentally change how analysts, associates, and investment bankers perform their jobs, making productive workers even more productive.
The CEO reiterated his belief that AI will actually grow Goldman’s headcount over the next decade, despite the bank recently announcing “limited reduction in roles” as part of its OneGS 3.0 initiative—an AI-driven organizational revamp. The apparent contradiction reflects the complex reality of AI adoption: while some positions will be eliminated, the technology is expected to create capacity for expansion into new areas and client services.
Goldman Sachs has made massive investments in AI technology, with Solomon revealing the firm spent $6 billion on technology this year alone. The bank currently employs approximately 12,000 technologists and expects AI to have its most immediate impact on software development functions. Solomon envisions Goldman becoming “a much bigger enterprise” as AI capabilities mature.
The workforce implications are nuanced: while certain functions will require significantly fewer people, Solomon emphasized he’d “love to have the capacity to go get more people to spend time with clients.” This suggests AI will handle routine tasks while freeing human talent for higher-value client relationship work. However, Solomon also warned that AI’s rapid development could create “volatility” around certain job functions, particularly noting that “the mix of engineers with this technology will again shift and change” in the near future.
Goldman’s global workforce grew 5% to approximately 48,000 people according to third-quarter earnings, and the company expects to end the year with a net increase in headcount despite implementing head count growth restrictions through year-end. The transformation reflects broader trends across Wall Street, where banks, private equity firms, hedge funds, and asset managers are investing heavily in AI technology to maintain competitive advantages and operational efficiency.
Key Quotes
We need more high-value people. We can afford more high-value people to expand our footprint and continue to grow and broaden our business.
Goldman Sachs CEO David Solomon explained to Axios how AI is changing the bank’s hiring strategy, emphasizing that automation will enable investment in premium talent rather than reducing overall headcount.
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 acknowledged at an early October conference that AI will eliminate certain roles while creating opportunities to expand client-facing positions, illustrating the dual nature of AI’s workforce impact.
The speed at which AI is developing could lead to more ‘volatility’ around certain job functions.
Speaking on CNBC’s ‘Squawk Box,’ Solomon warned that rapid AI advancement will create uncertainty for workers, particularly noting that engineering roles will undergo significant transformation in the near future.
Our Take
Solomon’s vision reveals a sophisticated understanding of AI’s transformative potential that goes beyond simplistic automation narratives. The emphasis on “high-value people” signals a fundamental shift in how elite institutions will compete—not just on technology, but on the quality of human talent that can leverage AI effectively. The $6 billion investment is particularly striking, representing a bet-the-company level commitment to technological transformation.
However, the tension between public optimism about headcount growth and simultaneous role reductions suggests Goldman is still navigating uncertain territory. The real test will be whether the bank can successfully retrain and redeploy affected workers into higher-value roles, or whether “limited reductions” become more extensive as AI capabilities accelerate. This case will serve as an important benchmark for how financial services—and knowledge work more broadly—adapts to the AI era.
Why This Matters
This story represents a critical inflection point in how major financial institutions are approaching AI adoption and workforce planning. Solomon’s comments reveal the dual nature of AI’s impact: simultaneous job displacement and job creation, with a premium placed on high-skilled talent. This matters because Goldman Sachs is often a bellwether for the broader financial services industry—its strategies typically signal wider trends.
The $6 billion technology investment demonstrates the scale of commitment required to remain competitive in an AI-driven landscape. For workers across industries, this signals an urgent need for upskilling and repositioning toward higher-value activities that complement rather than compete with AI capabilities.
The apparent contradiction between growing headcount and implementing role reductions illustrates the complexity businesses face in managing AI transitions. Companies must balance short-term efficiency gains with long-term growth strategies, while navigating employee morale and public perception. This case study will likely influence how other Fortune 500 companies communicate their own AI transformation plans, particularly regarding workforce impacts.
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Source: https://www.businessinsider.com/david-solomon-ai-goldman-sachs-high-value-people-2025-10