Goldman Sachs Taps Anthropic’s AI Model for Automation in Accounting and Compliance
Goldman Sachs is partnering with the artificial intelligence startup Anthropic to develop AI agents aimed at automating various roles within the bank. This initiative, as reported by the firm’s tech chief, is part of a broader strategy to enhance operational efficiency.
Collaboration with Anthropic
For the past six months, Goldman Sachs has been collaborating with embedded engineers from Anthropic to co-develop autonomous agents specifically focused on two critical areas: accounting for trades and transactions, and client vetting and onboarding. Marco Argenti, Goldman’s chief information officer, indicated that the project is still in its early stages, with plans to launch these agents in the near future.
Functionality and Benefits
Argenti described the AI agents as “digital co-workers” that will streamline complex and process-intensive tasks within the firm. The ultimate goal is to significantly reduce the time required for essential functions, thereby improving client experience and business outcomes.
Strategic Shift Towards Generative AI
CEO David Solomon has outlined a multi-year plan to reorganize the bank around generative AI, a technology that gained significant attention following the introduction of OpenAI’s ChatGPT in late 2022. Despite the current surge in revenue from trading and advisory activities, Solomon emphasized the need to “constrain headcount growth” during this transformative period.
Expanding AI Capabilities
Goldman Sachs has previously tested an autonomous AI coder named Devin, which has been successfully integrated into the bank’s engineering functions. However, Argenti noted that the capabilities of Anthropic’s Claude model extend beyond coding, showing promise in accounting and compliance tasks that require extensive data analysis and rule application.
With these advancements, Goldman Sachs anticipates that client onboarding will occur more swiftly, and issues related to trade reconciliation and accounting will be resolved more efficiently. Future developments may also include agents for tasks such as employee surveillance and creating investment banking pitchbooks.
Employment Implications
While Goldman employs thousands in the compliance and accounting sectors where these AI agents will operate, Argenti stated that it is too early to predict significant job losses. However, the bank may phase out some third-party services as AI technology matures.
Conclusion
According to Argenti, the philosophy driving this initiative is to “inject capacity,” enabling faster operations that enhance client experiences and create additional business opportunities. The integration of AI agents signifies a pivotal shift in how Goldman Sachs approaches its service delivery, marrying technology with traditional banking functions.
