Goldman Sachs is reportedly using AI to write code after crackdowns on ChatGPT

Goldman Sachs is experimenting with generative AI tools internally to help its developers automatically generate and test code, the company’s chief information officer told Trade Algo.

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The company's software experts have been utilizing technology to automatically generate lines of code, according to Marco Argenti. He left Amazon to join Goldman Sachs as a partner in 2019.

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It is not yet ready for production and is only at the "proof of concept" stage, he stressed.

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During the Goldman Sachs technology symposium on Tuesday, Argenti said, "Developers are already using some of the assisted coding technology.

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A class of technologies known as "generative AI" respond to textual commands from users by producing text or visuals that resemble those of humans.

Another competitive product is Google's Bard, while Stable Diffusion is an AI-based picture generator produced by the startup Stability AI. Among the most well-known apps is ChatGPT, an AI chatbot created by Sam Altman's OpenAI.

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The firm's interest in generative AI solutions comes amid opposition to the internal use of ChatGPT by some of the world's largest banks. According to reports, employees at major banks including Goldman Sachs, Citigroup, and Bank of America are not allowed to use the program.

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Argenti refused to reveal which generative AI software it was using. Also, he did not say which branch of the bank was using the technology.

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The financial services sector may be drastically altered by ChatGPT and similar solutions. For instance, AI might take control of making investment decisions or automate numerous customer support tasks.

Argenti acknowledged that the field of generative AI was in its infancy but compared it to "the dawn of the internet."

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"It's imperative to devote sufficient time and effort to comprehending the potential, "he continued. "You wouldn't immediately put all your most essential workloads there," he said.

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In recent years, the bank has made significant investments to make the bank a more technologically advanced business. In 2016, the company unveiled Marcus, a stand-alone digital bank geared for consumers, and expanded it to the UK. In 2018,

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“This is one of the largest changes I've ever witnessed in my nearly four decades in the IT industry, according to Argenti. It's on a scale that is probably comparable to the internet, apps, and the cloud."

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The head of innovation at Goldman Sachs emphasized that AI should not be viewed as a substitute for software engineers, but rather as a tool to enhance their productivity.

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According to him, generative AI has in some instances allowed engineers to write up to 40% of their code autonomously. They employ the program to create and test upcoming code.

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"You're creating this duality where you test the machine and you get the machine to assess your work," he added. "Whether you actually have GPT-like technology that tests the code or you build the tests for the GPT code."