Goldman Sachs Hires AI Engineer Devin to Boost Productivity by 300%

Goldman Sachs has recently introduced Devin, an AI-powered software engineer, to its workforce. Devin is capable of performing coding tasks at a level comparable to human engineers, but without the associated high salary costs. The AI tool, developed by startup Cognition, is expected to significantly enhance worker productivity, potentially increasing it by three to four times the rate of previous AI tools. Marco Argenti, Goldman Sachs' chief information officer, envisions a future where humans and AI work together in a hybrid workforce. This new hire will join the nearly 12,000 existing software engineers at the company, with plans to potentially deploy Devin by the hundreds or even thousands in the future.

Devin will not engage in typical office social activities but will instead focus on coding assignments around the clock. Argenti emphasized that the integration of AI will require engineers to adapt, learning to describe problems coherently and supervise AI agents effectively. Despite the introduction of Devin, Goldman Sachs continues to hire human software engineers, with dozens of open roles worldwide. The salary for some New York-based associate roles starts at around $115,000 annually and can extend to $180,000.

The rise of AI in the workforce has sparked concerns about the potential displacement of white-collar jobs, particularly entry-level positions. Business leaders have warned that AI could make these roles obsolete. For instance, Anthropic CEO Dario Amodei predicted that AI could eliminate half of all entry-level white-collar jobs within five years. Ford CEO Jim Farley went further, suggesting that all white-collar work in the U.S. could disappear, not just entry-level roles. Farley highlighted the shift in the education system and the declining number of entry-level tech jobs, emphasizing the need for alternative paths to the American Dream.

For the banking industry, this transformation could result in 200,000 fewer jobs on Wall Street within the next three to five years. However, Argenti believes that embracing AI will be crucial for future success, especially for young talent facing dwindling entry-level roles. He noted that the AI shift is happening rapidly, and those who can leverage AI tools effectively will be better positioned for advancement.