Goldman Sachs Technology Authority: AI will have a profound impact on Goldman Sachs and the entire financial industry, but manpower is needed to control risks

Zhitong Finance APP learned that George Lee, Goldman Sachs’ technology authority and co-head of application innovation, said that artificial intelligence will have a profound impact on Goldman Sachs and the entire financial industry. But manpower is needed to control risks.
He said in an interview on Tuesday: \”We are very strict with the people involved. There is no direct-to-customer product yet.\”
There are many restrictions, many concerns, many risks. We should be extra vigilant.
It is reported that Wall Street has begun to experiment with artificial intelligence in its research department and financial advisory services. It hopes to use new technologies to help manage customer assets.
But many banks have been reluctant to enter into large-scale partnerships with companies like OpenAI because they are highly regulated businesses that manage private consumer data.
At the same time, bankers and traders are questioning what artificial intelligence will mean for the financial industry workforce and whether its use will lead to the disappearance of large numbers of jobs.
According to George Lee, the more direct impact is to reduce repetitive work for junior employees and help senior employees work at a faster speed.
George Lee added: Of course, over time, in any of these phenomena, the history of technology shows that some jobs will disappear and new jobs, new functions, new opportunities will emerge. This is what you have today unbelievable.
This will create huge opportunities.
George Lee spent most of his career as a technology banker at Goldman Sachs.
He paints a picture of artificial intelligence as a dealmaker’s best friend.
He said: Imagine having an always-on, infinitely patient, knowledgeable partner, a Ph.D.-level assistant serving you every step of the way.
Our best people are able to ask and answer questions that used to be very difficult. Generate more ideas for clients. Validate more hypotheses.
I think this is amazing.
George Lee said that some of the really outstanding skills to work with this new intelligence are critical thinking, understanding logic and rhetoric, and the ability to be creative. It will allow non-technical people to get more work done.
He also said that operations staff will be assisted by artificial intelligence because the volume of documents in these businesses is large.
He added that the technology could also help with risk management.
George Lee said: It\’s hard to find a place that won\’t have an impact on our industry.
At the same time, we are a regulated financial institution.
We have a lot of urgency. Because we think there\’s a lot of value here. But we have to be very thoughtful, cautious and thoughtful in terms of how we work with our regulators, our risk managers and our compliance people to make sure we do this right. thing.