Meet Goldman Sachs' newest engineer, one who doesn't need coffee breaks, paychecks, or stock options. Devin, an AI-powered software developer, is a sign of the Goldman Sachs' brave step into the future of tech work. with AI tools advancing fast, white-collar jobs may never look the same again.
Goldman Sachs’ AI software engineer can apparently code with the same accuracy as a person. The move aims to eliminate the need to hire a $180,000 software engineer.
According to Goldman's chief information officer Marco Argenti, the tool's ability to perform end-to-end coding tasks is expected to increase worker productivity by up to three or four times the rate of earlier AI tools.
“Devin will be like our new employee who will begin doing things on behalf of our developers, so we're going to start augmenting our workforce with him," Argenti recently told CNBC.
The company plans to increase worker productivity by more than four times using AI tools and possibly unleash thousands of them. Although the company's tech leader envisions a "hybrid workforce" that combines AI and humans, executives like Jim Farley, the CEO of Ford, caution about a decline in white-collar jobs, as per a report by Fortune.
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Devin is an AI-powered autonomous software engineer who was recently hired by the Wall Street investment bank. Devin was developed by the AI startup Cognition.
Goldman Sachs intends to hire hundreds of Devins, possibly even thousands in the future, Argenti said, to join the company's current workforce of almost 12,000 software engineers.
Marco Argenti expressed his hope that this action will contribute to the emergence of a "hybrid workforce," where AI and humans coexist.
According to Argenti, "it's really about people and AIs working side by side." "Engineers will need to be able to effectively explain issues in a comprehensible manner, translate them into prompts, and then be able to oversee the work of those agents," as per a reprot by Fortune.
With dozens of open positions worldwide, Goldman is still hiring software engineers in spite of the push to launch Devin. Some associate positions in New York start at about $115,000 per year, and some even go as high as $180,000.
However, company executives have cautioned that these early career roles are the ones that AI may replace the earliest.
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Dario Amodei, the CEO of Anthropic, for instance, projected that within five years, AI would replace half of all entry-level white-collar jobs.
Jim Farley, the CEO of Ford, went one step further and issued a warning: outside of those in their early careers, all white-collar jobs could vanish in the United States.
Within the next three to five years, Wall Street may see 200,000 fewer employees as a result of this AI-driven workforce transformation, according to Bloomberg.
The best candidates for a prosperous future, particularly young talent confronting dwindling entry-level positions, will be those who embrace AI. Those who have learned to use AI tools to improve their work will advance as the shift to AI occurs in years rather than decades.
Professionals who are not adept at using AI tools will lag behind, while those who are will progress.
Devin, an AI engineer, is assisting with end-to-end coding tasks, increasing developer productivity by three to four times.
Will Devin replace human coders at Goldman Sachs?
Not entirely, but it may reduce the demand for entry-level positions. Goldman still intends to hire engineers, but it is preparing for a hybrid human-AI workforce.
Goldman Sachs’ AI software engineer can apparently code with the same accuracy as a person. The move aims to eliminate the need to hire a $180,000 software engineer.
How will Devin impact Goldman’s workforce strategy?
According to Goldman's chief information officer Marco Argenti, the tool's ability to perform end-to-end coding tasks is expected to increase worker productivity by up to three or four times the rate of earlier AI tools.
“Devin will be like our new employee who will begin doing things on behalf of our developers, so we're going to start augmenting our workforce with him," Argenti recently told CNBC.
The company plans to increase worker productivity by more than four times using AI tools and possibly unleash thousands of them. Although the company's tech leader envisions a "hybrid workforce" that combines AI and humans, executives like Jim Farley, the CEO of Ford, caution about a decline in white-collar jobs, as per a report by Fortune.
ALSO READ: Is this the end of salesman? Microsoft layoffs signal death of old-school sales - AI set to help tech-savvy pros
Devin is an AI-powered autonomous software engineer who was recently hired by the Wall Street investment bank. Devin was developed by the AI startup Cognition.
Goldman Sachs intends to hire hundreds of Devins, possibly even thousands in the future, Argenti said, to join the company's current workforce of almost 12,000 software engineers.
What does a “hybrid workforce” actually look like?
Marco Argenti expressed his hope that this action will contribute to the emergence of a "hybrid workforce," where AI and humans coexist.
According to Argenti, "it's really about people and AIs working side by side." "Engineers will need to be able to effectively explain issues in a comprehensible manner, translate them into prompts, and then be able to oversee the work of those agents," as per a reprot by Fortune.
Are entry-level jobs really at risk from AI?
With dozens of open positions worldwide, Goldman is still hiring software engineers in spite of the push to launch Devin. Some associate positions in New York start at about $115,000 per year, and some even go as high as $180,000.
However, company executives have cautioned that these early career roles are the ones that AI may replace the earliest.
ALSO READ: Don’t board a Carnival Cruise without knowing these top game-changing rule updates
Dario Amodei, the CEO of Anthropic, for instance, projected that within five years, AI would replace half of all entry-level white-collar jobs.
Jim Farley, the CEO of Ford, went one step further and issued a warning: outside of those in their early careers, all white-collar jobs could vanish in the United States.
What does the job market look like 5 years down the line?
Within the next three to five years, Wall Street may see 200,000 fewer employees as a result of this AI-driven workforce transformation, according to Bloomberg.
The best candidates for a prosperous future, particularly young talent confronting dwindling entry-level positions, will be those who embrace AI. Those who have learned to use AI tools to improve their work will advance as the shift to AI occurs in years rather than decades.
Professionals who are not adept at using AI tools will lag behind, while those who are will progress.
FAQs
What purpose does Devin serve for Goldman Sachs?Devin, an AI engineer, is assisting with end-to-end coding tasks, increasing developer productivity by three to four times.
Will Devin replace human coders at Goldman Sachs?
Not entirely, but it may reduce the demand for entry-level positions. Goldman still intends to hire engineers, but it is preparing for a hybrid human-AI workforce.
