- Goldman's George Lee said AI will empower non-technical workers, including those in risk management.
- The history major turned technology banker said AI enhances skills such as critical thinking, creativity and logic.
- Banks are increasingly using AI to combat fraud and credit risk as regulatory requirements increase.
A person with a degree in history and a long career as a technology banker says AI could be a boon for non-technical workers.
George Li, co-head of applied innovation at Goldman Sachs, told Bloomberg TV on Tuesday that he believes AI will lead to the “revenge of the liberal arts” in the workforce.
“Some of the skills that are really important to working with this new intelligence in the world are critical thinking, understanding logic and rhetoric, and the ability to be creative,” Lee said. “AI will enable non-technical people to accomplish more and, by the way, perform tasks that were previously considered technical.”
Mr. Lee studied history at Middlebury College, earned an MBA from the Wharton School at the University of Pennsylvania, and is a trustee of Middlebury College, which emphasizes the liberal arts. He joined Goldman in 1994 after earning his MBA and previously served as the firm's co-chief information officer.
Lee told Bloomberg that AI can help people focus on operations and risk management.
Banks' risk management teams are expanding as regulatory requirements tighten globally and threats such as cybersecurity gain traction. In the annual Banking Risk Management Survey released by EY and the Institute of International Finance in February, the majority of banks said they were already using AI to monitor fraud and credit risk.
AI is increasingly seen as a threat to knowledge workers, including investment bankers. The junior analyst class at investment banks – a high-paying, high-stress job – could be cut by up to two-thirds, and analysts who join banks could face lower pay in AI-assisted jobs.
As Business Insider previously reported, goldman sachs To deutsche bank Frequently looking for ways to streamline boring tasks Assignments for young investment bankers include updating pitch book charts and company valuation comparison tables.
A Goldman spokesperson previously told BI that the bank has no plans to reduce the entry-level class.