The super-fast development of Artificial Intelligence (AI) has the ability to disrupt workforces across the world. According to Goldman Sachs, about two-thirds of the current jobs in the EU and the US face threat from AI automation. Here’s more on the report.
Threats from AI automation to jobs
A new report by Goldman Sachs reveals a serious threat to about two-thirds of current jobs from the rapidly developing AI. Research reveals AI will impact the activities of people in nearly all sectors. However, about five percent of all jobs can be automated with the technologies present now. According to the report, the legal and administrative sectors will be highly impacted. 44 and 46 percent of jobs respectively can be substituted by AI.
On the other hand, physically intensive jobs such as maintenance and construction face lower exposure to threats with four and six percent respectively. Moreover, the report revealed AI to be a tool for enhancing economic growth. The boom of AI can potentially aid in increasing the annual global GDP by seven percent in a decade. The report reveals the creation of new jobs, significant cuts in labor costs, and higher productivity of non-displaced workers as the answer to boosting growth.
Goldman Sachs conducts in-house experiments with AI bot
Last week Marco Argenti, the Chief Information Officer for Goldman Sachs reveals the company’s software engineers were exploring ChatGPT-style bots. They employed generative AI tools for generating code. However, the investment bank’s new technology is currently in its proof-of-concept stage and miles away from production. However, Argenti did not specify if the bank has been using AI tools. Additionally, other banking giants such as Citigroup, Bank of America, and JPMorgan are working on similar products. Chat-GPT and other similar generative AI tools have great potential in the financial service industry to help in customer service and investment decisions.