00:00What parts of the business, and you've talked about some of them, whether it's wealth or asset management or trading or the consumer,
00:05what parts of the business at Goldman are going to be most transformed by AI?
00:09Well, I think, you know, the business at work is getting transformed by AI broadly.
00:14And, you know, we are, at our heart, we're a professional services firm.
00:18If you think about Goldman Sachs and the value it brings to its clients, its value is deployed really among three different things.
00:26People, capital, technology.
00:28And so if you think about AI, you know, AI really allows smart, talented, driven, sophisticated people to be more productive, to touch more people, to have better information at their disposal, better analysis.
00:42I mean, this is a journey we've been on.
00:44You know, this technology accelerates it.
00:46But when I started 42 years ago and I wanted to look at five different companies and think about how to compare the trading in five different companies,
00:53I had to go to the library, I had to go to the microfiche, I had to spend hours really thinking about how to put that comparison together.
01:00Obviously, today, you can do it in a fraction of a second speaking into your phone.
01:04So this journey in providing tools to super productive people and giving them more capacity to serve their clients and to be more productive is obvious.
01:14And we've been working on all those tools, as most enterprises have.
01:17I think the more interesting thing for enterprises broadly, and this isn't unique to Goldman Sachs, because the world is underpinned by technology.
01:26Coding is time-consuming, but this technology allows you to code with greater productivity and efficiency.
01:33So one great coder now with a tool such as Cognition Labs Denim, Devin, for example, you know, really creates massive coding capacity for one coder,
01:44as opposed to, you know, having 10, 20 people sit around for a few days.
01:48So big productivity there.
01:50And then, of course, when you think about operational systems in any business, the ability to accelerate automation and therefore drive more productivity,
01:58it's not just a cost exercise, it's actually about taking that productivity and having more capacity to reinvest in growth in your business.
02:07You know, we'll spend, you know, $6 billion on technology this year.
02:10I would have liked to spend eight, but I can't afford it because I've got to deliver returns.
02:15But with this technology, my ability to spend more and invest more in growth and accelerate things that can grow our enterprise,
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