Goldman Sachs GS has begun testing Devin, an autonomous AI software engineer developed by Cognition Labs, as it seeks to integrate AI agents alongside its 12,000 human developers, tech chief Marco Argenti told CNBC.
Argenti said the firm will start deploying hundreds—and eventually thousands—of Devins to handle routine engineering tasks, such as updating internal codebases. These AI agents will operate under human supervision, significantly boosting developer productivity.
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Goldman becomes the first major bank to pilot Devin, which gained attention in 2024 after Cognition Labs claimed it had built the world’s first fully autonomous software engineer. The startup, valued at nearly $4 billion, counts Peter Thiel’s Founders Fund among its backers.
Argenti described the initiative as a step toward a “hybrid workforce,” where humans and AI work side by side. The move underscores Wall Street’s accelerating adoption of agentic AI tools, which extend beyond assisting with tasks and executing complex, multi-step projects, such as building apps or modernizing infrastructure.
As AI adoption grows, concerns about job displacement continue. Bloomberg’s research unit estimates that banks may cut up to 200,000 jobs in the next 3–5 years due to AI automation.
Goldman’s approach, however, utilizes AI to offload repetitive tasks, allowing human developers to focus on higher-value projects.
Alibaba Group BABA, Salesforce CRM and Microsoft MSFT each expect AI to play a central role in reshaping the modern workplace by handling routine tasks and boosting human productivity.
Alibaba forecasts that AI-powered digital colleagues—virtual assistants capable of performing repetitive work—will become common within five years. According to Huang Fei, VP at Alibaba Cloud, these AI agents are already gaining traction across industries, allowing employees to focus more on strategic and creative work.
At Salesforce, CEO Marc Benioff said in June that AI now completes up to 50% of tasks in areas such as engineering and support. He even joked about AI replacing him, underscoring its expanding influence in leadership and operations.
Microsoft CEO Satya Nadella also weighed in, stating in March that AI won’t replace knowledge workers but will redefine cognitive tasks, much like email or spreadsheets have transformed office work. He sees AI agents freeing people to focus on high-value activities.
Price Action: GS stock is down 1.29% at $700.00 premarket as of last check on Friday.
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