Goldman CEO says the bank's entry-level hiring may 'contract a little' as AI changes the talent mix

David Solomon, the CEO of Goldman Sachs, has indicated that the bank may see a slight decrease in its entry-level hiring as artificial intelligence continues to alter the workforce landscape. During an interview on Bloomberg's "Odd Lots" podcast, Solomon noted that while the bank's hiring of new graduates might "contract a little" over the next few years, he reassured listeners that Goldman Sachs will still recruit thousands of interns and recent graduates. Solomon stated, "You're going to see nuanced changes that probably to some degree reduce the number of people that we start with over the next few years, but probably not what you and I would call dramatically." He emphasized that the firm plans to welcome approximately 2,400 to 2,500 interns this year, alongside a similar number of permanent hires beginning in July, which aligns with pre-COVID levels but is lower than the over 3,000 hires in 2021. When asked about changes in the composition of new hires since the emergence of ChatGPT, Solomon acknowledged the shift towards engineering talent over the past decade, suggesting the trend would continue due to the capabilities of AI tools. His comments come amid widespread concern about AI's potential impact on employment, with mixed reactions from industry leaders. Some, like Anthropic CEO Dario Amodei, caution about potential job losses for entry-level positions, while others, such as Uber's COO Andrew Macdonald, argue that there is little evidence supporting widespread layoffs driven by AI. Solomon, who previously asserted in a New York Times op-ed that fears of an AI-driven job apocalypse are exaggerated, believes the more pressing issue is how to train young workers in an environment where AI can provide instantaneous answers to questions that once demanded significant effort. Reflecting on his own early career, he recalled how he used to analyze stock prices manually before the digital age transformed the process. He expressed concerns that the immediacy of information might hinder critical thinking skills among new workers. Solomon's advice to aspiring bankers in this AI era was to prioritize personal interactions: "A telephone call to someone is 10 times more valuable than a text or an email," he remarked, highlighting the importance of direct communication in building relationships. Goldman Sachs did not respond immediately to inquiries from Business Insider.