"As fears mount that artificial intelligence is ushering in an era of "jobless growth," Goldman Sachs Chairman and CEO David Solomon is offering a staunch rebuttal to the doomsayers. Speaking in January, amid a massive capital investment boom in AI infrastructure, Solomon insisted the labor market is not facing a catastrophe."
"While acknowledging the labor market has looked fragile relative to recent economic growth, Solomon argued the current disruption is just more of the normal course of creative destruction, rather than structurally unique. "Technology has been disrupting jobs, changing the way people work, destroying jobs, and forcing us as a vibrant economy to create new jobs for decades," he said. "It's no different this time," he stated."
"Solomon applied this philosophy to his own bank, detailing a new initiative dubbed "One GS 3.0." Far from a layoff strategy, Solomon described the program as an effort to "reimagine" six core processes-such as "onboarding and know your customer"(KYC)-through automation and white-paper redesigns. "We think [these processes] can really benefit from a fresh kind of white paper look and automation," he said, "because the technology that exists today allows us to do them a different way.""
David Solomon rejects the idea of an AI-driven jobs apocalypse and says the labor market faces creative destruction rather than a structural catastrophe. He acknowledges short-term dislocation from rapid technological change but cites research showing no evidence of a sustainably higher long-term unemployment rate. Solomon launched One GS 3.0 to reimagine six core bank processes, including onboarding and KYC, through automation and white-paper redesigns. The initiative is framed as capacity expansion and workflow redesign rather than a headcount reduction strategy. The emphasis is on using current technology to perform tasks differently while fostering new job creation over time.
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