Goldman Sachs Chief Executive Officer David Solomon emphasized that the rapid rise of artificial intelligence should not be interpreted as a prelude to extensive job cuts within the financial giant. According to Solomon, automation and technological progress will not reduce the bank’s need for human talent but will instead alter the composition and skill level of its workforce. In a conversation with Axios, he explained that the objective is to cultivate a team composed of “high-value people”—employees whose expertise, adaptability, and capacity for strategic thought can help the organization expand its influence and accelerate growth. By leveraging AI to optimize operations, he argued, Goldman will have the financial freedom to hire more specialists who combine advanced analytical capability with sound judgment, thereby allowing the company to further extend its market footprint and strengthen its business model.
Solomon elaborated that the integration of artificial intelligence will unavoidably reshape the daily work of analysts, associates, and investment bankers. He predicted that the transformative power of advanced technology will function as a multiplier of effectiveness—making already productive individuals even more efficient and capable. He reaffirmed his conviction that, rather than contracting, the firm’s headcount will likely rise over the coming decade as AI-driven efficiencies unlock new areas of expansion, stimulate innovation, and create demand for additional roles centered on strategy, client engagement, and product development.
Despite this long-term optimism, Goldman Sachs recently introduced a new internal initiative, OneGS 3.0, as outlined in a memo distributed to staff earlier this month. The document announced a targeted, “limited reduction in roles” as part of a broader effort to modernize the organization through AI-driven processes. At the same time, it indicated that the company would temporarily restrict overall headcount growth for the remainder of the year. Nonetheless, a Goldman spokesperson told Business Insider that the bank still anticipates ending the year with a net growth in personnel. In fact, the firm’s third-quarter results showed that its global employee base expanded by approximately 5%, bringing its total workforce to nearly 48,000 professionals worldwide.
During a financial industry conference held in early October, Solomon revealed that Goldman invested roughly six billion dollars into technological infrastructure and digital transformation efforts this year alone. He stated that such substantial investment reflects the bank’s vision of becoming a significantly larger and more sophisticated enterprise in the future. While he acknowledged that automation would inevitably streamline certain divisions and functions—leading to departments that require fewer people—he underscored a parallel aim: to redeploy resources so that more employees can focus on direct interactions with clients, cultivating relationships, and identifying opportunities that cannot be replicated by machines. At present, Goldman employs about 12,000 technologists, and Solomon identified software development as the domain where artificial intelligence is likely to yield its most immediate and measurable impact, particularly in accelerating coding, testing, and deployment processes.
In a separate interview on CNBC’s “Squawk Box,” Solomon cautioned that the speed at which AI continues to evolve could introduce periods of instability or “volatility” across certain job categories. The integration of advanced algorithms may lead to continuous shifts in how engineering teams are structured, and the proportions of specialized skills within those teams are expected to fluctuate as technology advances. This evolving dynamic will demand ongoing adaptation as new tools and workflows redefine what constitutes a valuable technical skill set in banking and financial services.
More broadly, he acknowledged that artificial intelligence is already transforming professional life across Wall Street. Major banks, private equity firms, hedge funds, and asset managers are investing heavily in intelligent systems designed to process data faster, uncover insights more precisely, and manage risk more effectively. Solomon’s remarks to Axios came ahead of Goldman Sachs’ 10,000 Small Businesses Summit in Washington, D.C.—an event aiming to foster entrepreneurship, innovation, and sustainable growth. His comments underscore a central theme of the current era: far from rendering human expertise obsolete, AI’s purpose within Goldman Sachs is to amplify human potential, allowing skilled professionals to focus on higher-level problem solving and creative decision-making that drive the institution’s long-term success.
Sourse: https://www.businessinsider.com/david-solomon-ai-goldman-sachs-high-value-people-2025-10
