Goldman Sachs has been building out its generative AI toolkit. The firm aims to release one of its tools, an AI assistant, to most staff this year. Here’s a look at five such tools — the promise of what they can do, plus who’s using them and how.
- GS AI Assistant. What it does: Goldman Sachs’ in-house version of ChatGPT. Think of the GS AI Assistant as a sidekick for Goldman employees. It uses a chat interface, similar to that of ChatGPT, but can pull its responses from the bank’s confidential data repository. Right now, it’s available to about 10,000 workers; the firm is intending to get it in the hands of the rest of the bank’s workforce of over 46,000 by the end of the year. It can perform a variety of functions, helping executives draft presentations and plan off-site meetings, or serving as a “personal tutor” for quant strategists.
- Banker Copilot. What it does: Streamlines some aspects of investment bankers’ jobs. Members of Goldman’s investment banking division are also set to get an AI boost with the bank’s so-called banker copilot, which makes access to high-level, protected data about matters like deal-making available to eligible users. Only a small group numbering in the dozens has access to it right now since it’s in the early stages of development. But the promise of what the AI assistant could represent for the banking business is hard to deny. Solomon himself has acknowledged the potential for AI to automate large chunks of tedious processes, like drafting S-1 regulatory disclosures for initial public offerings, for instance.
- Legend AI Query: What it does: A search tool that uses AI to navigate the bank’s vast repository of data. Goldman uses Legend, an open-source data management and governance platform. Accessing Goldman’s vast vault of knowledge used to require users to know what they were looking for — as well as where they were looking — ahead of time, using a tool called “Legend Query.” Think of this process as being like perusing dozens of stacks in a library, but without a librarian to help. Enter Legend AI Query, a query tool that saves time by tapping artificial intelligence to serve as that librarian.
- Legend Copilot. What it does: A fast-tracked way to upload data onto Legend, and keep the system organized. Legend Copilot, which launched in October, is a tool primarily designed for use by data engineers to maintain Legend’s infrastructure, and keep its information streams organized for others to access. Legend draws on data that originates in other databases, but still needs to be routed into the centralized Legend system.
- Translate AI: What it does: In-house language translation to and from English. As a global bank, Goldman Sachs has clients worldwide. Sometimes, those clients have a preferred language that’s not English. To reach clients in their non-English speaking language, the bank would historically outsource some of this translation work, but turnaround times could stretch into days.