In a move that intensifies the ongoing debate around artificial intelligence and job displacement in high-stakes finance, Goldman Sachs has announced the firmwide launch of its GS AI Assistant—a generative AI-powered tool designed to support routine tasks in the Investment Banking and Wealth Management divisions.

The announcement, made via an internal memo circulated on Monday and first reported by The New York Post, signals a milestone in Goldman’s AI integration strategy. Chief Information Officer Marco Argenti declared: “Today marks an important moment in our AI journey as we are excited to announce the firmwide launch of the GS AI Assistant – the first generative AI-powered tool to reach this scale.”

Already tested by approximately 10,000 employees of the firm’s global workforce of 46,500, the GS AI Assistant will now be accessible to staff across functions. According to Argenti, the tool is already transforming daily operations—from summarising complex documents to drafting content and analysing data. “I hope all of you will start exploring how the tool can positively impact your daily tasks and boost productivity,” he wrote in the company-wide memo.

No Clear Answer on Job Cuts

While Goldman is publicly positioning the AI rollout as an efficiency enabler, speculation over its potential to replace junior roles has gained traction. The firm has stopped short of clarifying whether automation could lead to job reductions.

In response to media queries, Goldman Sachs spokesperson Nick Carcaterra commented: “Our people are our most valuable asset. We view AI-powered tools as helping them be more efficient and enabling them to serve our clients even better.”

Yet, reports suggest caution may be warranted. A Bloomberg Intelligence report published in January estimated that up to 200,000 Wall Street jobs could be lost over the next five years as major banks adopt AI tools to streamline operations. The report emphasised that back- and middle-office roles, including data entry and customer support, are most vulnerable, though it also noted that entry-level banking tasks, such as financial modelling and deal analysis, are increasingly within AI’s grasp.

Divided Reactions on the Trading Floor

Inside Goldman, not everyone is convinced that the machines are taking over. A high-earning trader reportedly scoffed at the idea, telling The Post: “Lose my job to AI? I’m unfireable.” His remarks come after receiving a six-figure bonus earlier this year, amid market turbulence tied to fears of potential trade tariffs under a possible second Trump presidency.

Still, others take a more nuanced view. The shift isn’t necessarily about elimination, but elevation—freeing up human capital to focus on more strategic, judgement-driven work.

This aligns with the broader trend of “augmented intelligence” gaining favour across finance and consulting. Firms are increasingly seeing AI as a co-pilot for professionals, not a replacement. The language of Goldman’s rollout reflects this, with the assistant pitched as a support system rather than an autonomous agent.

Goldman Sachs is not alone in embracing AI at scale. The announcement comes just weeks after Cliff Asness, founder of AQR Capital Management and former AI sceptic, told the Financial Times that his hedge fund had “surrendered to the machines.”

The momentum is clear: AI is no longer a futuristic prospect but a present-day reality in financial services. Whether it results in streamlined operations, redefined job roles, or wholesale workforce changes, the coming months will be telling.