""When I started 42 years ago and I wanted to look at five different companies and think about how to compare the trading in five different companies, I had to go to the library, I had to go to the microfiche, I had to spend hours really thinking about how to put that comparison together," Solomon said. Now, you can do that "just speaking into your phone," he said."
""If you think about Goldman Sachs and the value it brings to its clients, its value is deployed really among three different things: people, capital, technology," Solomon said. He added that the tech "allows smart, talented, driven, sophisticated people" to access better information and conduct enhanced analysis."
"A decade from now, "I think we're going to be running a much bigger enterprise," he said. "There are obviously things where we're going to have a lot fewer people - but I'd love to have the capacity to go get more people to spend time with clients.""
Goldman Sachs plans to expand its headcount over the next decade as AI and technology enable serving more clients and improving productivity. AI shortcuts research and analysis that previously required lengthy manual work, enabling faster access to information via simple interactions. The firm invested roughly $6 billion in technology this year and anticipates continued or increased tech spending. Technology complements people and capital by allowing talented staff to perform enhanced analysis. Some roles will decline, but overall capacity to hire more client-facing personnel will grow as AI broadens service reach.
Read at Business Insider
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