Tech like ChatGPT – the AI-powered tool that can respond to prompts and queries in a human-like way – is helping Goldman’s developers get their work done, according to an exec. In some test cases, they’ve used it to write as much as 40% of their code automatically. 

Goldman Sachs is allowing its engineers to use a generative AI tool to write code more efficiently, according to chief information officer Marco Argenti.  

Developers can use the technology to both test existing code and generate new work, Argenti told CNBC, allowing them to be more productive. Generative AI for engineering – like GitHub Copilot – can also enhance creativity by eliminating rote work and helping users get past questions they’re stuck on.  

“If you actually have a GPT-like technology that tests the code, or you generate the tests for the GPT code, you’re creating this dualism where you test the machine and you get the machine to test your work,” Argenti said.  

He declined to specify which generative AI products, specifically, Goldman has used and stressed that the firm’s deployment of the tool is still in “proof of concept” mode. But its experimentation is a crucial step to understanding the tech’s potential: “I’ve been in technology probably almost four decades or so, and this is one of the biggest disruptions I’ve ever seen.” 

Meanwhile, Morgan Stanley is giving its financial advisors access to ChatGPT to synthesize its proprietary research, Swedish investment firm EQT programmed a chatbot to help its dealmakers benefit from its “Motherbrain” data platform, and fintech Klarna has deployed it externally for shopping recommendations.  

We expect to see more FinServs proactively rolling out ways for employees to use this tool, though for the time being, many big banks have banned work usage of ChatGPT, until it’s properly vetted.