Goldman Says Bank’s ‘Human Assembly Lines’ Face Automation (1)

Goldman Sachs Group Inc.’s use of artificial intelligence is helping the bank scale up without requiring much more hiring, according to President and Chief Operating Officer John Waldron.

“I often describe Goldman Sachs as a human assembly line,” Waldron said in an interview on CNBC Tuesday. “If you think about what’s happened in manufacturing, it’s become much more robotic, it’s become much more automated. The banks really haven’t been on that journey to the same extent.”

Back-office roles are increasingly being handled by machines at Goldman Sachs and across Wall Street, where executives are pointing to additional areas ...