How Wall Street Firms Are Warming to AI—With Help From Silicon Valley

Big banks were slow to adopt cloud services, initially nervous about storing their sensitive customer data on other companies’ servers. But when it comes to generative artificial intelligence, banks and other financial services firms have been early adopters.

Goldman Sachs, for instance, has more than 1,000 developers using generative AI for coding and plans to expand use of the technology to its entire 12,000-person engineering team by the end of 2024, Marco Argenti, the bank’s chief information officer, said in an interview. The bank is also testing large language models for summarizing and drafting documents and performing complex queries on public filings, loan documents and other items. It has used both open-source LLMs and ones made by Microsoft, OpenAI and Google.