Goldman Sachs is leaning into AI to drive efficiency as it launches a new AI operating model across the institution. 

The One Goldman Sachs 3.0 model is “propelled by AI,” David Solomon, chief executive, said during the bank’s third-quarter earnings call today. “This is a new, more centralized operating model that we expect to drive efficiencies and create capacity for future growth.”

Goldman Sachs 3.0 focuses on: 

• Enhancing client experience;  

• Improving profitability;  

• Driving productivity and efficiency;  

• Strengthening resilience and capacity to scale;  

• Enriching the employee experience; and  

• Bolstering risk management. 

The $625 billion financial institution aims to embed AI in front-to-back work streams that can benefit from AI-driven process reengineering, Solomon said. 

“These include priorities such as sales enablement and client onboarding that directly impact the client experience, as well as other critical areas that have touchpoints across the firm, for example, our lending processes, regulatory reporting and vendor management,” Solomon said. 

Earlier this year, Goldman launched an internal gen AI assistant for knowledge finding tool as well as an AI coding assistant, according to FinAi News’ prior reporting. 

AI is enabling the New York-based bank to “automate, drive scale, create efficiency and actually give us the capacity to invest more in the growth of our business,” Solomon said. 

By the numbers 

Goldman reported in Q3: 

• Tech and communication expenses of $545 million, up 9% year over year;  

• Net revenue of 15.18 billion, up 4% YoY; and 

• An improved efficiency ratio of 62.1% in Q3 compared with 64.3% in Q3 2024. 

AI investment 

With its eye on the AI prize, Goldman this week announced it has acquired venture capital firm Industry Venture, which has more than $7 billion in assets under management. 

“This transaction complements our market-leading secondary investing franchise we have been a pioneer for over 25 years and adds a highly attractive technology investment capability to the platform,” Solomon said during the earnings call. 

Some AI companies in Industry Venture’s portfolio are: 

• Wealth management company Acorns; 

• Expense management company Appito; 

• Agentic AI company 6sense; and 

• AI code development company CircleCI. 

In the deal, Goldman will pay $665 million in cash and equity payable at closing; and additional contingent consideration of up to $300 million, payable in both cash and equity, based on Industry Ventures’ future performance through 2030, according to Goldman’s Oct. 13 release on the acquisition. 

Goldman Sachs stock was up 1.93% to $771.61 from market open today. The bank has a market capitalization of $233 billion. 

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