Topline
Goldman Sachs revealed that the company is using generative AI tools to aid its software developers in writing and testing code, just weeks after reports of major U.S. banks—including Goldman—restricting staffers’ use of ChatGPT.
A Goldman Sachs logo is displayed on the floor of the New York Stock Exchange in New York City.
Key Facts
The bank’s use of generative AI was only a “proof of concept,” Marco Argenti, Goldman’s chief information officer told CNBC Tuesday.
The AI tool has been used by the company’s software developers to write “as much as 40%” of code in some cases, the report said.
The tool does not intend to fully replace human coders, but rather make them “more productive,” Argenti said.
Argenti did not disclose which generative AI tool is being used by the investment bank
Key Background
Last month, the Telegraph and Bloomberg reported that JPMorgan Chase had restricted the use of ChatGPT by its staff. The reports suggested that the ban wasn’t a result of any particular incident but rather due to concerns about potential regulatory risks surrounding the sharing of sensitive financial information with OpenAI’s chatbot. A few days later, Bloomberg reported that other major U.S. banks—including Bank of America, Citigroup, Deutsche Bank, Wells Fargo and Goldman—had also implemented similar restrictions. According to the report, Goldman and other banks blocked access to the popular chatbot as part of standard restrictions placed on the use of third-party software.
Tangent
Interest in generative AI tools has surged in the past few months following the public release of OpenAI’s ChatGPT chatbot late last year. The technology gained more mainstream attention last month after Microsoft integrated the chatbot into its Bing search engine. The AI-powered Bing triggered market excitement and even led to commentators calling it the first serious threat to Google’s search dominance. Since then, Google has responded with its own generative AI chatbot called Bard, an early access version of which was released to the wider public on Tuesday. Other popular generative AI tools include OpenAI DALL-E, which is able to generate images from text prompts. A similar open-source tool called Stable Diffusion was also released last year.
Further Reading
Goldman Sachs is using ChatGPT-style A.I. in house to assist developers with writing code (CNBC)
Wall Street Banks Are Cracking Down on AI-Powered ChatGPT (Bloomberg)
JPMorgan Chase Restricts Staffers’ Use Of ChatGPT (Forbes)
Google Releases Bard AI Chatbot Amid Competition With ChatGPT (Forbes)
Source: https://www.forbes.com/sites/siladityaray/2023/03/22/goldman-is-reportedly-using-ai-to-write-code-as-banks-crack-down-on-chatgpt-use/