Goldman Sachs Pilots Devin AI, Targets 3-4x Developer Productivity Gains

New York – Goldman Sachs is currently conducting internal testing of Devin, an autonomous artificial intelligence software engineer developed by Cognition, aiming to significantly enhance the productivity of its 12,000 human developers. The investment bank intends to deploy hundreds, potentially thousands, of these AI agents to automate routine programming tasks.

According to a recent social media post, "Goldman Sachs is now testing Devin internally." The AI is designed to "automate repetitive programming tasks such as modernizing legacy code, bug fixing and prototyping small applications." This strategic move positions Devin as a key tool to relieve human developers from mundane work.

Marco Argenti, Goldman Sachs' Chief Information Officer, envisions a "hybrid workforce" where human engineers collaborate with AI. He stated that Devin is expected to boost developer productivity by three to four times compared to previous AI tools. The AI’s role is to serve as a "productivity multiplier," while complex tasks will continue to be supervised by human experts.

Cognition, the startup behind Devin, has achieved a valuation of nearly $4 billion, underscoring the growing interest in autonomous AI solutions. Goldman Sachs is reportedly the first major bank to pilot this advanced AI software engineer. The initiative reflects a broader trend of AI adoption across the financial sector.

However, the rapid integration of AI also raises concerns about job security. Bloomberg Intelligence predicts that up to 200,000 banking jobs could be eliminated over the next three to five years due to AI implementation. Despite these concerns, Goldman Sachs emphasizes that Devin is intended to augment, rather than replace, its human workforce, allowing developers to focus on more complex and creative endeavors.