Goldman Sachs And Anthropic Develop AI Agents For Accounting, Compliance, And Client Onboarding

Goldman Sachs, a major global financial institution, has disclosed that it has spent the past six months collaborating with AI safety and research company Anthropic to develop autonomous AI agents designed to automate tasks in accounting, compliance, and client onboarding.

According to Marco Argenti, Goldman’s chief information officer, the bank has been working closely with embedded engineers from Anthropic to co-develop these agents, focusing initially on accounting for trades and transactions as well as client vetting and onboarding. 

The initiative is still in its early stages, with the agents being built on Anthropic’s Claude model, which Argenti said is expected to significantly reduce the time required to complete these essential processes. While he indicated a launch is forthcoming, no specific timeline was provided. Marco Argenti described the technology as functioning like a “digital co-worker” for roles within the firm that are highly process-intensive and complex.

Claude demonstrated capabilities beyond coding, showing promise in areas requiring the parsing of large datasets and documents while applying rules and judgment, such as accounting and compliance. The firm has concluded that similar levels of automation could be applied across other process-heavy areas of the organization.

The implementation of these agents is expected to accelerate client onboarding and improve the efficiency of trade reconciliation and other accounting functions. The future applications could include tasks such as producing investment banking pitchbooks or internal monitoring functions, though he emphasized that it is too early to anticipate direct job reductions in the departments where AI will be deployed. However, the bank may eventually reduce reliance on third-party service providers as the technology matures.

The objective of the initiative is to enhance operational capacity, allowing processes to be completed more quickly, improving the client experience, and supporting business growth.

Goldman Sachs Launches Multiyear Generative AI Overhaul, Expands Use Of Autonomous Tools 

Goldman Sachs CEO David Solomon announced in October that the bank was beginning a multiyear transformation to reorganize around generative AI, the technology that gained widespread attention following the introduction of OpenAI’s ChatGPT in late 2022. Even as the bank continues to generate strong revenue from trading and advisory activities, Solomon noted that the overhaul would aim to limit headcount growth in certain areas.

The development comes amid a period of market turbulence for software companies and their credit providers, triggered by model updates from Anthropic, which was co-founded by a former OpenAI executive. Investors have been closely watching to determine which firms will benefit from AI adoption.

Goldman began exploring autonomous AI tools last year with the launch of Devin, an AI coding assistant that has since been made widely available to the bank’s engineering teams. 

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