Good morning. Although some are fretting that AI will reduce the number of jobs available, future bankers at one of the world's biggest names in finance are not worried.
Goldman Sachs interns are all-in when it comes to AI and view it as a game-changer. In a new article, my colleague Luisa Beltran does a deep dive into the firm's 2024 intern survey. This year, Goldman welcomed about 2,600 students to its annual summer internship program. Beltran writes:
"Gen Z, which refers to people born between the late 1990s and early 2000s, is considered the first generation to grow up with AI as a dominant part of their lives—and who are now entering the professional workforce en masse.
Roughly all of the Goldman Sachs interns, or 93%, believe AI will serve to enhance their capabilities, while 88% think the technology will have a net positive impact on society, a 7% increase from 2023. But nearly all, or 99%, of respondents think AI should be 'heavily' or 'somewhat' regulated.”
Goldman Sachs began asking their interns about AI’s impact in 2023 and continued this year. Jacqueline Arthur, global head of human capital management and corporate and workplace solutions, summed up their response this way: “Gen Z is largely optimistic about the future and staying grounded in a post-pandemic future. Most don’t think AI will replace them."
Goldman Sachs CEO David Solomon wrote in a LinkedIn post in August that he talked with the summer analysts about the firm’s growth strategy and his personal journey. He also offered career advice: “Be resilient and stay focused on your long-term goals. Life is a marathon, not a sprint, and if you build equity in your relationships with your colleagues, you’ll continue to grow in your career.” You can read more about Goldman's survey here.
Advanced technology can play a key role in attracting young, high-potential talent to companies. But when ChatGPT, the OpenAI-owned generative AI chatbot, first exploded in popularity in late 2022 and early 2023, financial institutions like Goldman Sachs initially banned its use by employees due to privacy risks.
However, the Fortune 50 company understood the significance of the technology. This past summer, Goldman Sachs launched its first generative AI tool for code generation, with the goal of improving efficiency across its thousands of developers.
And regarding high-potential talent, Gen Zers who enter the workplace with AI acumen may have an upper hand, according to the 2024 Annual Work Trend Index by Microsoft and LinkedIn. They not only stand to secure prime positions but could also accelerate their ascent up the corporate ladder. Seventy-seven percent of leaders intend to delegate increased responsibilities to early-career hires with AI proficiencies, according to the report.
Sheryl Estrada
sheryl.estrada@fortune.com
