- Goldman’s George Lee mentioned AI will empower non-technical employees, together with these in threat administration.
- The historical past main turned tech banker mentioned AI enhances abilities like vital considering, creativity, and logic.
- Banks are more and more utilizing AI for fraud and credit score threat amid rising regulatory calls for.
A longtime tech banker with a historical past diploma says AI could possibly be a boon for non-technical employees.
George Lee, the co-head of utilized innovation at Goldman Sachs, informed Bloomberg Tv on Tuesday that he thinks AI will result in the “revenge of the liberal arts” within the workforce.
“A number of the abilities which might be actually salient to cooperate with this new of intelligence on this planet are vital considering, understanding logic and rhetoric, the power to be inventive,” Lee mentioned. “AI will permit non-technical folks to perform much more — and, by the way in which, start to carry out what had been previously believed to be technical duties.”
Lee, who studied historical past at Middlebury School and received an MBA from the Wharton Faculty of the College of Pennsylvania, sits on liberal arts-focused Middlebury’s board of trustees. He joined Goldman in 1994 after his MBA and was beforehand the agency’s co-chief data officer.
Lee informed Bloomberg that AI may assist people who find themselves centered on operations and threat administration.
As regulatory necessities have intensified globally and threats like cybersecurity take middle stage, banks’ threat administration groups have swelled. In an annual financial institution threat administration survey by EY and the Worldwide Institute of Finance launched in February, a majority of banks mentioned they’re already utilizing AI to watch fraud and credit score threat.
AI is more and more seen as a menace to data employees, together with funding bankers. Junior investment-banking analyst lessons — a highly-paid, high-stress job — could possibly be reduce by as a lot as two-thirds, whereas those that make it into the banks could possibly be paid much less for jobs assisted with AI.
As Enterprise Insider has beforehand reported, banks from Goldman Sachs to Deutsche Financial institution have been exploring methods to streamline tedious duties typically assigned to junior funding bankers, like updating charts for pitch books or firm valuation comparability tables.
A Goldman spokesperson beforehand informed BI the financial institution has no plans to cut back its incoming class.
