Goldman Sachs Group Inc. (NYSE:GS) CEO David Solomon says advancements in artificial intelligence (AI) will result in an expansion of the bank’s workforce over the next ten years.

Solomon shared his vision for the future of Goldman Sachs in a discussion with Bloomberg last week. Contrary to the common belief that AI might lead to job cuts, Solomon anticipates that AI will actually increase the firm’s employee count.

Reflecting on the laborious process of comparing trading across different companies 42 years ago, Solomon contrasted it with the current ease of information access enabled by technology.

Speaking with the outlet, he emphasized the company’s substantial investment in technology, which he believes empowers its workforce with superior information and improved analytical capabilities.

He stated, “If the firm grows and you expand and you can invest in other areas for growth, we’ll wind up with more jobs 10 years from now than we have today.” Solomon also expressed his aspiration to hire more people for client interaction.

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At present, Goldman Sachs has a workforce of approximately 46,000, including nearly 12,000 technologists. Solomon expressed his desire to increase the firm’s technology expenditure, which is currently at $6 billion for this year.

He anticipates the most immediate impact of this investment will be in the field of software development.

However, Solomon also noted the risk of a potential AI boom leading to a bubble. He cautioned that while some might enjoy lucrative returns, others may not experience the same level of success.

Solomon’s forecast underlines the growing importance of AI in the banking sector. As technology continues to evolve, the demand for technologists and AI specialists is likely to increase.

This prediction also reflects Goldman Sachs’ commitment to investing in technology to enhance its services and stay competitive in the rapidly changing financial landscape.

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