Goldman Sachs is using an AI software engineer named Devin, developed by Cognition, to revolutionize software development and tech operations.
The bank plans to introduce hundreds of these AI engineers initially and scale up to thousands to improve development speed and efficiency by handling repetitive tasks.
The addition of AI coders such as Devin is expected to boost productivity by three to four times compared to previous AI tools, leading human developers to focus on strategic roles.
The rise of AI coders poses challenges for the job market, potentially impacting up to 2,00,000 banking jobs globally over the next few years, with entry-level positions at greater risk.