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.

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.

Like (0)
Previous May 16, 2024 4:58 pm
Next May 16, 2024 4:58 pm

Related posts

  • Buzzing stocks.Stocks that will see action today: May 16, 2024

    Honeywell Automation India Limited (HAIL) on Wednesday appointed Atul Pai as its Managing Director. Pai succeeds Ashish Gaikwad, who is taking on a broader responsibility as India Leader for Industrial Automation, one of Honeywell International Inc’s strategic business groups, the company said in a statement. “Atul brings more than two decades of experience in various regional and global roles across Honeywell and its finance division.

    free stock signals May 16, 2024
  • Activision Blizzard ordered to pay $23.4 million for copyright infringement

    Gelonghui, May 8 | Game developer Activision Blizzard was ordered to pay Acceleration Bay US$23.4 million (currently about 169 million yuan) for patent infringement.

    free stock signals May 8, 2024
  • Dongjiao Daojia customer service responded to a female technician’s sexual temptation and added bells: a cooperative relationship cannot be forced

    In this regard, on April 25, Dongjiao Daojia customer service told the Beijing News Shell Finance reporter that the company has paid attention to the matter and has now reported it to the relevant departments to verify the authenticity of the video taken by the consumer. \”Verification completed In the end, no matter which party is involved, the relevant personnel will be dealt with and the relevant legal responsibilities will be investigated.\” Another customer service member of Dongjiao Daojia told the Beijing News Shell Finance reporter that the platform \”does not allow any technicians to serve customers for any reason. Providing special project services.” The customer service responded that the technician and the platform are in a cooperative relationship. “The platform can only try its best to supervise and deal with the technician’s personal behavior, but it cannot force the technician to violate the rules.”

    free stock signals April 25, 2024
  • Weather disrupts global rice market, prices rise to 15-year high

    Gelonghui May 17丨Weather has once again disrupted the rice market, with prices for this staple returning to 15-year highs after a period of calm

    free stock signals May 17, 2024
  • Thomas Cook India launched TCPay, shares rise 2.26%

    Thomas Cook (India) Limited’s shares were up by 2.26 per cent after the company launched TCPay, it is a service aimed at simplifying international money transfers. The company said sending money abroad involved visiting branches, cumbersome paperwork, and limited operating hours. TCPay aims to change this by offering a digital interface that allows for paperless transactions. The service is further enhanced by Thomas Cook’s recently launched Video KYC process, which enables customers to transfer funds conveniently from their homes.

    free stock signals May 10, 2024