David Solomon

We made an announcement last week or 10 days ago around our earnings about Goldman Sachs, one Goldman Sachs 3.0, where we laid out six things that we wanted to accomplish around better client service, more efficiency, and ability to really improve our risk management across the firm.

And we are looking at a handful of processes where we can really re-underwrite these processes

create automation and efficiency, but not just to take cost out, to allow us to invest in growth in the business.

And so this is a theme that I think most CEOs of large enterprises are looking closely at.

And the productivity benefit to the economy broadly as people execute on this is very meaningful.

It's starting.

We're still early.

But I think over the next 24 to 36 months, you're going to see real benefits from these efforts.

I mean, it will replace, it will change certain jobs the same way technology has changed certain jobs for my entire 42 years in the business.

So you think back when I started, if as an analyst, I was required to do something, I had to go to the library, I had to go to the microfiche, I had to get data.

It took hours.

Things that take five seconds now, like doing a common stock comparison, took six hours.

yet we still have lots of very productive people doing more to serve our clients.

I think the lens that you have to look at is technology is always

changing work, changing jobs, adjusting the mix of different kinds of jobs.

But it doesn't mean that businesses don't grow, economies don't grow, and opportunities for very productive people don't grow.

And I don't think it's going to be different this time, although I do think there are jobs that will be different.

And there are jobs that will go away.

But that doesn't mean new jobs won't be created.

But that's long gone, yet people are still working very hard on the kind of work they do changes.