Goldman Sachs Pilots AI Software Engineer Boosting Developer Productivity

Goldman Sachs is integrating an autonomous AI software engineer named Devin, developed by the startup Cognition, to augment its team of 12,000 human developers. Devin is capable of executing complex multi-step software engineering tasks, such as building entire applications and migrating legacy code to modern frameworks, which traditionally require a full team of engineers. The bank plans to onboard hundreds of Devin units initially, with the potential to scale into the thousands, aiming to boost productivity by three to four times compared to earlier AI tools. This move marks a significant shift in Wall Street's adoption of AI, progressing beyond simple chatbots to advanced autonomous coding agents. While Goldman Sachs does not hold financial stakes in Cognition, the startup has rapidly grown in valuation to nearly $4 billion. The integration of Devin raises broader questions about job security in the banking sector and the evolving collaboration between human employees and AI technologies.