Goldman Sachs Deploys First AI Software Engineer in Major Tech Shift

Goldman Sachs is making a significant leap into AI-driven development by deploying its first AI software engineer, Devin. The system, capable of functioning as a full-stack engineer, marks a dramatic shift from earlier AI tools that handled basic tasks like document summarization. Initial plans involve hundreds of Devin units, with potential scaling to thousands based on use cases.

The technology promises to boost worker productivity by three to four times compared to previous AI implementations. This MOVE reflects a broader trend in finance, where banks worldwide may cut up to 200,000 jobs in the next three to five years due to AI adoption.

Wall Street's AI arms race has accelerated rapidly. Just last year, firms like JPMorgan Chase and Morgan Stanley were rolling out basic cognitive assistants. Now, agentic AI programs like Devin can build entire applications and execute complex programming tasks autonomously.