Goldman Is Bringing Automation To The IPO Process

Goldman Sachs Group IncGSautomation.

The answer so far is more than 60 steps don't require any effort from humans and can be done by computers, Bloomberg reports. Thousands of hours of human labor has been eliminated through an interface called Deal Link, which for the time being, replaces informal checklists.

What's The Deal With Deal Link?

Ironically, Goldman appears to have no intention of eliminating job posts and save on millions of dollars in hefty salaries. For starters, by Wall Street investment banking standards, associates are relatively cheap compared to directors. Also, banks look to associates and juniors within the firm to fill senior roles and terminating a significant amount of young employees would risk "ossification." Related Links: Jack Ma: Society Will See 'Much More Pain Than Happiness' Over The Next 30 Years 5 Ways To Play Secular Automation Mega-Trends

Deal Link automatically tracks legal and compliance reviews and can fill in forms and generate reports for managers. This is particularly advantageous for junior bankers who can skip the mundane and repetitive tasks and focus on more satisfying work.

George Lee is credited with creating the automation process, Bloomberg added. As a veteran of Silicon Valley, he brought his experience with him and now holds the title of the chief information officer of the investment banking unit.

Finally, Lee argues that for the time being demand for human ideas -- not machines remains a top priority.

"Our strategy is to elevate the activity and impact of bankers," he told Bloomberg. "Not replace it."