Goldman Sachs CEO David Solomon said that artificial intelligence is transforming how investment banks handle routine tasks—especially document drafting.
Speaking at the Cisco AI Summit in Palo Alto on Wednesday, Solomon explained that what used to take weeks of work by a team of bankers—writing up regulatory filings like an S-1 for a company going public—can now be done in minutes. AI can generate about 95% of the form almost instantly, he said, according to the Financial Times.
That’s a major shift in efficiency. Previously, producing an S-1 could take six people two full weeks. The change highlights how AI is reshaping core banking functions that traditionally required deep financial and legal knowledge.
Drafting filings for the SEC has long been one of the key services investment banks offer clients. But with tools now able to automate most of the process, firms like Goldman are reassessing how they deliver value. “The last 5% now matters because the rest is now a commodity,” Solomon said.
Goldman Sachs declined to comment further.
These remarks are consistent with Solomon’s previous views on AI. In a CNBC interview this May, he described AI as a way to boost employee output by giving smart people better tools: “Productivity [is] the ability to take smart people and give them tools so they can do more, do more quickly, help our clients think about things in different ways.”
Goldman has been shifting its workforce toward tech for years. Back in 2018, a quarter of its employees were engineers. Today, out of 46,000 staff, 11,000 are engineers—roughly the same proportion.
The 2023 surge in AI adoption, especially after the release of OpenAI’s GPT-3.5, triggered fierce competition among major banks like Goldman Sachs, Citigroup, and Wells Fargo. All of them scrambled to recruit top engineering talent and created new leadership positions to manage AI across their organizations.
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