Goldman President Says Bank Is ‘Human Assembly Line’ Facing Automation

Goldman Sachs Group Inc.’s use of artificial intelligence is helping the bank scale up without requiring much more hiring, according to President and Chief Operating Officer John Waldron.

“I often describe Goldman Sachs as a human assembly line,” Waldron said in an interview on CNBC Tuesday. “If you think about what’s happened in manufacturing, it’s become much more robotic, it’s become much more automated. The banks really haven’t been on that journey to the same extent.”