Goldman Sachs autonomous coder pilot marks major AI milestone

Goldman Sachs is integrating an autonomous AI software engineer named Devin, developed by the AI startup Cognition, into its workforce. This marks a significant milestone in the adoption of AI in the corporate world. Devin, which gained attention last year for its ability to function as a full-stack engineer, will initially augment the work of Goldman's 12,000 human developers.

The bank plans to deploy hundreds of Devins, potentially scaling to thousands, to automate tasks like updating internal code. The introduction of agentic AI like Devin, which can execute complex, multi-step jobs, signifies a major shift in how companies operate. This technology has the potential to significantly boost worker productivity, potentially by three to four times compared to previous AI tools.

Devin will work under human supervision, handling tasks that are often considered tedious by human engineers. Cognition, founded in late 2023, has quickly gained traction, doubling its valuation to nearly $4 billion within a year, with investments from prominent venture capitalists.

Goldman's move highlights the growing trend of AI adoption across various industries. Other Wall Street firms have already begun utilizing AI assistants. The integration of AI raises concerns about job displacement, with reports predicting significant job cuts in the banking sector due to AI implementation.

However, Goldman's tech chief, Marco Argenti, envisions a "hybrid workforce" where humans and AI collaborate. Argenti emphasizes the changing role of human engineers, who will need to articulate problems effectively and supervise AI agents. He believes that the success of AI in software development will pave the way for its expansion into other areas within the bank.

This suggests that AI will not only transform the tech sector but also other roles within the financial industry.