Goldman Sachs is making significant strides in AI adoption with its pilot program using an autonomous coder from startup Cognition. The program, named Devin, is expected to boost worker productivity by up to three or four times the rate of previous AI tools. Devin can handle complex software engineering tasks, potentially transforming the nature of software development from a manual craft to a supervised, automated process.
The tech chief at Goldman Sachs, Marco Argenti, envisions a future where humans and AI collaborate, with AI agents like Devin working alongside human developers to enhance productivity. This hybrid workforce model is expected to free up human talent for more creative and strategic problem-solving, accelerating development cycles.
Goldman Sachs plans to initially deploy hundreds of Devin instances, potentially scaling into thousands based on use cases. This move signals a significant shift in the financial industry towards a hybrid workforce where humans and AI coexist. While this may raise concerns about job displacement, Argenti emphasizes that AI is meant to augment human capabilities, not replace them.
The startup behind Devin, Cognition, has been valued at nearly $4 billion, with investors including Peter Thiel's Founders Fund. Other major banks, such as JPMorgan Chase and Morgan Stanley, are also integrating AI technologies to enhance operational efficiencies. Tech giants like Microsoft, Alphabet, and Salesforce are leveraging AI to improve code production and operational efficiency.
Overall, Goldman Sachs' adoption of Devin marks a significant milestone in the development of AI-powered coding tools and highlights the potential for AI to transform the financial industry.
