Goldman Sachs is reportedly automating its investment banking operations and has revealed in a report that almost half of the 127 tasks needed to prepare for an IPO can be done by algorithms as well.
During the past few months, Goldman Sachs has invested extensively in artificial intelligence and has hired top AI executives. The investment bank is working to establish a “center of excellence to drive machine learning and artificial intelligence strategy and automation”.
Sachs has maintained that the arrival of technology will not reduce the headcount; in fact, it will free bankers to focus on tasks like shaping marketing strategy and spending time with clients.
Investment banking is a highly paid job and automating it even partially will reduce company’s expenses manifold.
The bank is also moving ahead with plans to set up what appears to be the first Bitcoin trading operation at a Wall Street bank.