""There is no question that when you put these tools in the hands of smart people, it increases their productivity," Solomon said in an exclusive interview ahead of this week's 10,000 Small Businesses Summit in Washington. "You're going to see changes in the way analysts, associates and investment bankers work.""
""But if you're looking at it and assuming an organization like Goldman Sachs...is just going to have less people, I don't think it works that way," he says."
""I think what this does is it gives us capacity to create more productivity, grow our business, therefore we need more high value people," Solomon says. "We can afford more high value people to expand our footprint and continue to grow and broaden our business.""
Goldman Sachs launched OneGS 3.0 to prioritize AI adoption and to change how employees work across roles such as analysts, associates and investment bankers. The rollout mentions constraining headcount growth while also expecting overall headcount to continue growing. AI deployment is expected to increase productivity, raise performance standards, and create capacity to grow the business, enabling hiring of more high-value employees to expand the firm’s footprint. Broader labor indicators show youth unemployment above 10% and workforce reductions at one in five S&P 500 companies, while revenue per worker reached over $2.7 million in 2024.
Read at Axios
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