Goldman Sachs launches AI assistant firmwide, memo shows

FILE PHOTO: The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo
(Reuters) -Goldman Sachs on Monday announced a firmwide launch of an artificial intelligence assistant, a tool driven by generative AI, to boost productivity, according to an internal memo seen by Reuters.
Around 10,000 employees at the bank are already using the GS AI Assistant, the memo sent to staff by Chief Information Officer Marco Argenti showed.
With the AI tool's official company-wide launch, Goldman joins a long list of big banks already leveraging the technology to shape their operations in a targeted manner and help employees in day-to-day tasks.
Citigroup has AI tools such as Citi Assist, which searches internal bank policies and procedures, as well as Citi Stylus, which helps with document summarizing and comparisons.
Morgan Stanley has a chatbot that helps financial advisors in interactions with clients, while Bank of America's virtual assistant, Erica, focuses on day-to-day transactions of retail clients.
The GS AI assistant will help Goldman employees in "summarizing complex documents and drafting initial content to performing data analysis," according to the internal memo.
(Reporting by Saeed Azhar and Pritam Biswas in Bengaluru; Editing by Shreya Biswas)

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