Goldman Sachs now using Anthropic to create AI Agents that can do accounting, other work
Goldman Sachs is working with Anthropic, the maker of Claude AI, to develop AI agents that can handle accounting and other specialised roles. The two organisations have been collaborating on the project for the past six months.
Goldman Sachs, one of the largest investment banks in the world, is working with Anthropic to build AI agents, sort of AI employees, that can independently handle a lot of work within the company. The two organisations aim to develop AI agents that could help Goldman Sachs automate a number of roles. It is worth noting that Anthropic is the same company that is behind Claude AI, a tool that recently was cited as the trigger behind SaaS stocks selloff a few days ago.
A report by CNBC citing Marco Argenti, Goldman’s chief information officer, notes that the bank has been working with Anthropic engineers for the past six months to co-develop autonomous AI agents, especially to tackle two specific areas: accounting for trades and transactions, along with client vetting and onboarding.
Argenti reportedly said the firm was “in the early stages” of developing agents based on Anthropic’s Claude model, hoping that AI would reduce the amount of time these essential functions take.
David Solomon, CEO of Goldman Sachs, previously stated that his bank was embarking on a multi-year effort to reorganise its operations around generative AI, a technology that has gained widespread attention since OpenAI’s ChatGPT debuted in late 2022.
Even as investment banks like Goldman saw rising revenues from trading and advisory businesses, Solomon said the firm planned to “constrain headcount growth” as part of its overhaul.
The partnership between Goldman and Anthropic was seemingly delivering early results, with Argenti saying the firm was “surprised” by how effective Claude proved to be beyond coding, particularly in areas such as accounting and compliance, where it could process large volumes of data and documents while applying rules and judgment.
He said Goldman began testing an autonomous AI coding tool called "Devin" last year, which was now widely available to its engineers. However, the bank soon realised that Anthropic’s AI model could also be deployed across other parts of the organisation.
The bank expects to use AI mainly to make work faster and more efficient. Slashing jobs because AI is not on the cards, not yet.
Anthropic CEO Dario Amodei has repeatedly raised serious concerns about the impact of artificial intelligence on white-collar roles, which include jobs in the accounting profession as well.
On the issue of automation, IBM CEO Arvind Krishna recently warned about the potential risk to jobs related to accounting in an interview with Bloomberg. "If I look at jobs that are simply doing matching of documents to make sure that they're the same, like what happens in accounts payable and accounts receivable, I could see half of those going away," he had said.
Goldman Sachs, one of the largest investment banks in the world, is working with Anthropic to build AI agents, sort of AI employees, that can independently handle a lot of work within the company. The two organisations aim to develop AI agents that could help Goldman Sachs automate a number of roles. It is worth noting that Anthropic is the same company that is behind Claude AI, a tool that recently was cited as the trigger behind SaaS stocks selloff a few days ago.
A report by CNBC citing Marco Argenti, Goldman’s chief information officer, notes that the bank has been working with Anthropic engineers for the past six months to co-develop autonomous AI agents, especially to tackle two specific areas: accounting for trades and transactions, along with client vetting and onboarding.
Argenti reportedly said the firm was “in the early stages” of developing agents based on Anthropic’s Claude model, hoping that AI would reduce the amount of time these essential functions take.
David Solomon, CEO of Goldman Sachs, previously stated that his bank was embarking on a multi-year effort to reorganise its operations around generative AI, a technology that has gained widespread attention since OpenAI’s ChatGPT debuted in late 2022.
Even as investment banks like Goldman saw rising revenues from trading and advisory businesses, Solomon said the firm planned to “constrain headcount growth” as part of its overhaul.
The partnership between Goldman and Anthropic was seemingly delivering early results, with Argenti saying the firm was “surprised” by how effective Claude proved to be beyond coding, particularly in areas such as accounting and compliance, where it could process large volumes of data and documents while applying rules and judgment.
He said Goldman began testing an autonomous AI coding tool called "Devin" last year, which was now widely available to its engineers. However, the bank soon realised that Anthropic’s AI model could also be deployed across other parts of the organisation.
The bank expects to use AI mainly to make work faster and more efficient. Slashing jobs because AI is not on the cards, not yet.
Anthropic CEO Dario Amodei has repeatedly raised serious concerns about the impact of artificial intelligence on white-collar roles, which include jobs in the accounting profession as well.
On the issue of automation, IBM CEO Arvind Krishna recently warned about the potential risk to jobs related to accounting in an interview with Bloomberg. "If I look at jobs that are simply doing matching of documents to make sure that they're the same, like what happens in accounts payable and accounts receivable, I could see half of those going away," he had said.