Goldman Sachs has seen over 100 employees depart for rival Wall Street banks in the past year, as these institutions vie for top talent in the rapidly evolving field of artificial intelligence (AI) that is poised to revolutionize finance, as reported.
According to data compiled by the consultancy firm Evident, Goldman’s competitors such as JPMorgan Chase, Morgan Stanley, and Citigroup have successfully attracted these sought-after professionals.
In a similar trend, Bank of America experienced a net outflow of 55 staff members, while Wells Fargo witnessed a decrease of 130 employees, all of whom were targeted by rival firms, as indicated by figures from Bloomberg News.
Evident’s analysis focused on positions related to AI development, model risk, data engineering, and software development, some of which command salaries as high as $900,000 annually.
Despite losing 60 employees overall, Goldman, with a workforce of 46,000, hired 46 individuals from competing banks, a relatively small impact on the investment giant’s scale.
Notably, one in every four employees at Goldman is engaged in a technology-related role.
Earlier this year, Goldman welcomed Bing Xiang, a former Amazon executive, as the managing director and head of AI research in the bank’s engineering division.
Jamie Dimon, the CEO of JPMorgan Chase, the largest bank in the nation, has expressed optimism about AI’s potential, foreseeing a future where AI could reduce the workweek to just three and a half days.
Goldman, JPMorgan Chase, Wells Fargo, Morgan Stanley, and Citigroup have been approached for comments by The Post.
In recent developments, George Lee, co-head of Goldman’s office of applied innovation, revealed that the bank is actively working on twelve projects incorporating generative AI into its operations.
These projects include tasks like coding using English-language commands and generating documentation, although they are not client-facing due to regulatory constraints in financial services.
Meanwhile, Morgan Stanley is introducing a generative AI bot to assist financial advisers in research and document processing, developed in collaboration with OpenAI, creators of ChatGPT.
JPMorgan Chase is also in the process of developing AI-powered software for investment selection.
Lee emphasized the importance of human oversight in managing the implications of AI technology, acknowledging the need for human intervention when necessary.
