• Goldman Sachs developing AI projects, not for clients yet.
• Other banks also developing AI projects.
• Goldman Sachs cautious on AI, but committed to it.

Goldman Sachs is working on a dozen projects that incorporate generative artificial intelligence (AI) into its business practices, but none of them are directly client facing, a senior executive said on Thursday.

George Lee, co-head of Goldman’s office of applied innovation, told the Reuters NEXT conference in New York that the bank is moving slowly and carefully with AI, but that it is “thrilling” technology with the potential to revolutionize the financial industry.

One of the most mature AI projects at Goldman Sachs is a tool that can write code in English-language commands and generate documentation. The bank is also developing AI software to select investments and help financial advisers find research.

Lee said that Goldman Sachs is not yet using AI to provide financial advice to clients directly because of the regulated nature of the financial services industry. However, he said that AI is forcing businesses to raise the bar for the services they deliver to clients.

Other banks are also developing AI projects. Rival Morgan Stanley is rolling out a generative AI bot that helps financial advisers find research or sift through thousands of forms, while JPMorgan Chase is developing software that uses AI to select investments.

Lee said that while generative AI has drawn huge interest from investors, venture capitalists are facing a challenge because existing tech giants are heavily involved in many of the early platforms. This is limiting their ability to deploy cash in the sector.

Overall, the news story suggests that Goldman Sachs is taking a cautious approach to AI, but that it is committed to developing the technology for its own internal use. The bank is also recognizing that AI is changing the financial industry and that businesses need to adapt to meet the new challenges and opportunities that it presents.

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