Goldman Sachs CEO Predicts AI Will Expand Workforce Despite Automation Fears

Goldman Sachs CEO David Solomon has predicted that artificial intelligence could lead to an increase in the bank’s workforce over the next decade, challenging the common assumption that AI will reduce jobs. Speaking at a conference in Italy, Solomon emphasized that AI is not just a tool for cutting costs but a catalyst for growth and expanded capacity. He recalled the days before AI, when researching companies required hours spent in libraries and microfiche archives. Today, he said, such tasks can be completed instantly with a simple voice command. This transformation, he believes, will allow Goldman’s employees to do more with better information and deeper insights. Solomon highlighted that the firm spent about $6 billion on technology this year and expressed a desire to invest even more, noting that he wished the budget were higher—though constrained by the need to deliver returns to shareholders. He stressed that Goldman’s value comes from three pillars: people, capital, and technology. AI, he said, amplifies the effectiveness of skilled professionals. Looking ahead, Solomon expects the firm to grow significantly in size over the next 10 years. While certain roles may become less necessary, he believes the overall headcount will rise. “I’d love to have the capacity to go get more people to spend time with clients,” he said. With AI handling routine and complex tasks, human employees can focus on higher-value work, enabling the bank to serve a broader range of clients and expand its operations. Goldman currently employs around 46,000 people, including roughly 12,000 technologists led by Chief Information Officer Marco Argenti. The firm has been actively integrating AI into its operations, including launching an internal AI assistant for all employees this summer and partnering with Cognition Labs on Devin, an AI system designed to boost software development productivity. Solomon acknowledged the risks of an AI bubble, saying that while some companies and investments will succeed, others will fail. “There’ll be a bunch of winners and a bunch of losers,” he said. He warned that excitement around AI can lead people to overestimate benefits and underestimate risks, but he remains confident in Goldman’s ability to navigate the landscape. For Solomon, AI isn’t about replacing people—it’s about empowering them to achieve more, ultimately driving growth and creating new opportunities within the firm.