Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI | Odd Lots

#Bloomberg #Investing #Podcast
There's a lot of debate about the future of AI — not just whether it will produce the returns investors are expecting, but also if AI will lead to mass worker displacement. Big banks are the perfect prism through which to explore some of these questions. Not only are they deploying AI very quickly, but they have a wide range of workers who are using the technology, from back-office employees to junior analysts to the most senior investment bankers. We spoke with David Solomon, chairman and CEO of Goldman Sachs, about the impact of AI on the banking business, and why he does not predict a major white collar wipeout. We talk about the outlook for headcount, current conditions in capital markets, and the bank's role in the upcoming SpaceX IPO and Alphabet's historic equity capital raise. He also tells us about his early career in junk bonds and (with his love of electronic dance music) how AI is transforming music production.

Chapters:
00:00:00 - Private vs Public Markets
00:03:41 - Solomon's Op-Ed and AI Optimism
00:07:28 - Career Development and Relationship Building
00:14:33 - Junior Analyst Roles and Training Evolution
00:21:45 - Technology Evolution and Skills Development
00:23:07 - Current Hiring Patterns and Changes
00:25:24 - Measuring Productivity Gains
00:27:40 - Data Sharing and AI Implementation
00:35:01 - Stock Performance and Market Outlook
00:38:23 - Market Conditions and Capital Markets
00:42:51 - SpaceX IPO and Relationship Building
00:47:19 - Private vs Public Markets
00:52:21 - Market Analysis and Historical Context
00:56:37 - Cybersecurity and AI Model Testing
01:00:07 - AI Music Production Deep Dive