Quartz
Goldman Sachs is pulling the plug on AI coding tools for most bankers and traders, just months after embracing AI-powered productivity.
Goldman Sachs limits AI coding tools for traders and bankers
Author: Colleen Cabili
Goldman Sachs has barred most of its traders and bankers from using AI coding tools, including Anthropic’s Claude Code and Microsoft’s GitHub, according to Bloomberg.
Internal guidance updated in October limits the tools to engineers, according to Bloomberg. The bank had permitted bankers to use them for months before a review of productivity and risk concerns led to the change.
The restriction has frustrated some traders, according to Bloomberg. They had turned to the tools for tasks such as following how clients were trading, simulating shifts in markets and in their positions, and drafting text and visuals.
The directive does not cover “strats,” a group of employees whose jobs combine software engineering, quantitative research and trading, according to Bloomberg.
“We make certain AI tools available to our people to determine the best use cases across different parts of the firm,” Goldman spokesperson Nick Carcaterra said, according to Bloomberg. “After a period of experimentation where we assess a variety of factors including productivity and risk management, we put them in the hands of those who are best suited to leverage them for the long term.”
In July, Goldman Chief Information Officer Marco Argenti spoke favorably of “vibe coding” among employees outside technical roles, including traders and bankers, according to Bloomberg. Argenti said those employees used AI to create their own solutions, then gave the results to an engineer from the bank’s pool of 12,000 for polishing.
Goldman partner Chris Churchman warned in August that the spread of AI across Wall Street risks degrading the analytical abilities of the next generation of bankers. Churchman, who co-chairs the bank’s Global Banking and Markets AI working group, said Goldman had not yet determined how it would manage that transition.
Other banks are also working out how employees should use AI. JPMorgan Chase said in July that it wanted staff to match each task to a suitable model, so the priciest option is saved for harder work rather than something like condensing an analyst report, according to Bloomberg. Goldman has created its own AI assistant, which draws on models from OpenAI, Anthropic and Alphabet.
Goldman has limited AI tools before. Earlier this year, the bank restricted staff in Hong Kong from using Anthropic’s Claude, according to Bloomberg.
Credits: TCA, LLC.