GOLDMAN SACHS CEO DAVID SOLOMON: Artificial Intelligence can draft 95% of an IPO prospectus in MINUTES!
THE NUMBER OF JOBS THAT CAN BE REPLACED BY ADVANCING A.I. OVER THE COMING FEW YEARS IS STAGGERING. AS MORE AND MORE BUSINESSES LOOK TO SAVE MONEY, IMPROVE EFFICIENCY, INCREASE PROFITS AND BE MORE COMPETITIVE THEY WILL TURN TO A.I. A.I. DOESNT TAKE SICK LEAVE, DOESNT REQUIRE CHRISTMAS BONUSES, DOESNT COMPLAIN OR GET SICK OR HAVE ATTITUDE ISSUES, IT DOESNT REQUIRE HEALTHCARE, A 401K OR ANNUAL PAY RAISES. AND IT KEEPS GETTING BETTER, MORE EFFICIENT AND CHEAPER. A.I. WILL ADVANCE HARDER AND FASTER THAN WE CAN EVEN IMAGINE OVER THE NEXT FEW YEARS. ARE YOU PREPARED?
Goldman Sachs CEO David Solomon said investment banks could use AI to cut down on rote tasks like writing financial documents.
Bankers used to have to spend weeks at a time drafting documents to be submitted for public filings. But at the Cisco AI Summit in Palo Alto on Wednesday, Solomon said that 95% of an S1 filing, which is the form a company files with the Securities and Exchange Commission when it goes public, can be completed by AI in just a few minutes.
The efficiency gains are notable, considering it used to take a six-person team two weeks to complete the same task, Solomon said at the conference, according to the Financial Times.
Writing documents for the SEC is the exact sort of work that public and private companies of all sizes have historically relied on investment banks to advise them on. Investment banks often had the deep financial and legal expertise to properly navigate the intricacies of complex financial transactions that would have to be reported to regulators. With the rise of AI, investment banks like Goldman are rethinking their value proposition to clients.
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“The last 5% now matters because the rest is now a commodity,” Solomon said. Goldman Sachs declined to comment.
Solomon’s latest remarks are in keeping with his past comments that part of Goldman’s focus with AI was its ability to help employees work more efficiently. AI-driven “Productivity [is] the ability to take smart people and give them tools so they can do more, do more quickly, help our clients think about things in different ways,” he told CNBC in May.
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Drafting an IPO is not the same as running a company, long-term for shareholders. How about making all CEO's A.I. drafts? :)
I guess the real question is how much can these AI programs be trusted given all the bad information that seems to consistently arise when using them for research?