Goldman Sachs has just launched its generative AI assistant across the entire firm, making it available to all employees in what the bank calls a major milestone in its technology strategy.

The move follows more than a year of internal development and testing that involved over 10,000 employees piloting the tool. The GS AI Assistant is a conversational AI interface that allows employees to safely interact with large language models like GPT and Gemini, firewalled within Goldman’s own secure compliance framework.

“We have been developing AI and machine learning applications and infrastructure for a number of years, including several generative AI-powered tools that have been transforming the way we work,” said Chief Information Officer Marco Argenti in a memo seen by Gizmodo.

These tools include a developer copilot for coding, a translation tool for internal teams, and a fledgling “Banker Copilot” designed to streamline workflows for investment bankers. The GS AI Assistant, however, is the first generative AI system to be rolled out across the entire company. The official purpose is to help employees manage tasks like summarizing complex documents, drafting content, and analyzing data, work that can consume hours of human time.

The initiative is not about replacing jobs but about improving how employees work, a person familiar with the launch told Gizmodo. Goldman Sachs, the source said, hopes the tool will enable its employees to drive efficiencies.

But this move is part of a quiet arms race on Wall Street, where firms like Citi, Bank of America, and Morgan Stanley are also deploying AI chatbots to automate the tedious, white-collar work that has employed legions of junior bankers for decades.

According to experts, AI is already transforming these banks. Instead of deploying armies of analysts to manually scan legal documents, for example, some on Wall Street now use AI to identify key clauses in contracts and flag items that require human attention.

Some banks have even built AI to handle margin calls. “When a client replies to a margin call email with ‘yes,’ ‘no,’ or a vague question, the AI analyzes the free-text reply and decides what to do,” a banker at a large investment bank told Gizmodo. If the AI is confident enough, the system automatically books the call. No humans needed.

Even management tasks are being automated. The banker said their firm uses AI to help managers generate staff reviews and objectives, freeing up time and ensuring documentation is more polished.

While the official line is that AI frees up employees for “higher-value work,” the real-world consequence is a reduced need for human labor. The banker confirmed that because their AI system now processes 85% of all client responses for margin calls, “the operations team avoided hiring 30 new people.”

At Goldman Sachs, the AI deployment began last year with a developer copilot that is now used by over 12,000 engineers, yielding substantial productivity improvements. Following that success, the firm began expanding the GS AI Assistant, with overwhelmingly positive internal feedback prompting this week’s company-wide rollout.

“Our people across the firm are already integrating generative AI into their workflows, driving productivity gains for our teams and delivering benefits for our clients,” Argenti wrote in the internal memo.

Although using the assistant is optional, the message is clear: everyone is encouraged to give it a try. For the tech industry, Goldman’s move is a major validation, giving legitimacy to generative AI’s role in financial services. It also reflects a broader trend: with AI being baked into software like Microsoft Teams and Outlook, employees are now using it by default.

Of course, this productivity revolution comes at a human cost. If one AI tool is replacing the need for 30 back-office staff in one corner of one bank, what happens when the entire industry scales that up?