Goldman Sachs CIO on How the Bank Is Actually Using AI | Odd Lots

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There's a lot of hype around generative AI and many people have interfaced with ChatGPT, Claude, or Gemini at this point. It's fun to ask these large language models to come up with a song parody or to write a story, but most casual users of the technology probably aren't worried about things like copyrights, the sensitivity of what they're inputting into the platform, or even the accuracy of the answers being spit out. It's just fun to play around with the technology. For large companies, however, there's a lot at stake. And concerns over data privacy and output errors are even more pressing if you're a big regulated bank. In this episode we speak with Goldman Sachs Chief Information Officer, Marco Argenti, about how the bank is balancing risks and opportunities in AI. Argenti, who previously worked at Amazon Web Services, talks about the development of Goldman's own internal AI tools, what the new tech means for Goldman engineers and other jobs, what makes a good prompt, and much more.

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In this conversation, Marco Argenti, Chief Information Officer at Goldman Sachs, discusses the implementation and impact of AI in the banking industry. He explains how Goldman Sachs has developed its own AI platform, GS AI, to integrate various models securely. Argenti highlights the significant productivity gains from AI, particularly in developer productivity, and discusses the challenges of implementing AI in a regulated environment. He explores the future of AI hardware, the changing nature of software development, and the impact of AI on job roles within the bank. Argenti emphasizes the importance of responsible AI use, the potential of open-source models, and the need for a balanced approach between using cloud resources and in-house infrastructure. Throughout the conversation, he stresses the transformative potential of AI in finance while acknowledging the need for careful governance and ethical considerations.

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