Goldman Sachs exec touts plans to automate ‘human assembly line’ with AI ‘robots’– and vows no mass layoffs - New York Post

Goldman Sachs President John Waldron has stated that the bank plans to deploy generative AI 'robots' to automate what he described as its 'human assembly line,' while simultaneously vowing that there will be no mass layoffs as a result. Waldron made the comments without specifying a timeline or the exact scope of automation.

Waldron's remarks highlight the bank's intention to use generative AI to handle repetitive analytical tasks, which currently require significant human labour. He described the process as automating parts of the bank's operations, but emphasised that the workforce would not face widespread cuts. Specific numbers regarding the potential impact on headcount or the number of AI 'robots' to be deployed were not provided.

The statement comes amid broader industry debate about AI's effect on employment in financial services. Goldman's approach appears to aim for a middle ground, leveraging AI to improve productivity while publicly committing to maintaining staffing levels.