Goldman Sachs' CEO Says Young Workers Will Remain 'Core' to the Bank in the AI Era

Core Insights - Goldman Sachs CEO David Solomon emphasizes that young talent will remain a "huge core part" of the bank, despite the rise of AI in the financial services industry [1][1][1] - The unemployment rate for college graduates aged 22 to 27 is currently 5.6%, significantly higher than the general unemployment rate of about 3.1% for college graduates as of December [1][1][1] - Economists attribute the struggles of young graduates to workforce reductions by companies that previously hired them, rather than AI being the primary cause [1][1][1] Company Perspective - Solomon acknowledges that while AI may change the nature of work and reduce the number of workers needed, it will not eliminate the need for talented individuals in professional services [1][1][1] - The company is adapting to AI advancements similarly to how it adapted to previous technological changes, indicating a belief in the continued necessity of human workers [1][1][1] Industry Context - The financial services industry is experiencing a shift as businesses explore AI's potential to streamline operations, but the demand for motivated professionals remains [1][1][1] - Solomon reflects on the evolution of the industry, suggesting that technological advancements have historically not diminished the need for human involvement [1][1][1]