Goldman Sachs is no stranger to artificial intelligence (AI), with the Wall Street giant having been a champion of the technology from the very start. But with large language models (LLMs), the same AI fueling ChatGPT, the possibilities for AI have increased significantly and Goldman isn’t about to let the opportunity pass by. Marco Argenti, Goldman Sachs’ chief information officer, told Insider of the technology’s usefulness in banking. This has been backed by Dimitris Tsementzis, the head of a Goldman Sachs team established in 2018 to focus on machine learning and AI.
There are various ways Goldman has been experimenting with large language models. In document management, generative AI can extract data from complex, unstructured documents. This is said to make it significantly faster than natural-language processing. Additionally, software engineers can use LLMs to get summaries of code in plain English, leading to faster, more efficient development. Meanwhile, non-technical employees can take a declarative rather than imperative approach to programming, streamlining the automation process.
Goldman Sachs is an American multinational investment bank and financial services company with headquarters located in New York City. The firm is one of the largest investment banks in the world, having operations in countries across Europe, the Middle East and Africa, the Americas, and Asia-Pacific. Founded in 1869, Goldman Sachs traces its roots back to Marcus Goldman and his son-in-law Samuel Sachs, who founded the firm Goldman Sachs in 1882.
Dimitris Tsementzis is the head of Goldman Sachs’ AI and machine learning department, which was established in 2018 under his leadership. As a distinguished expert in the field, Tsementzis strives to make use of the latest advancements in AI, including those surrounding large language models. He is focused on creating an AI-driven environment that is both secure and useful on a scale such as Goldman Sachs’.
