Goldman Sachs CEO argues AI will automate 25% of work hours but reshape rather than eliminate jobs over the next decade.
Goldman Sachs CEO David Solomon rejected concerns of an AI-driven job apocalypse, stating the technology will reshape work rather than eradicate it. He cited internal analysis projecting AI could automate 25% of current work hours within ten years, but emphasized this would reallocate labor toward higher-value tasks rather than reduce employment levels.
Solomon compared AI’s impact to historical innovations like electricity and spreadsheets, which disrupted roles but expanded economic opportunities. The firm’s analysts noted AI may reduce demand in data-heavy functions like regulatory reporting while increasing it in client-facing and strategic areas.
The comments follow growing debate over AI’s long-term labor market effects, with some economists warning of structural displacement risks. Goldman’s stance aligns with its prior research suggesting AI-driven productivity gains could offset job losses.