Goldman Sachs CEO Says AI Will Create Jobs Despite Automating 25% of Work Hours
Updated
Updated · The New York Times · May 22
Goldman Sachs CEO Says AI Will Create Jobs Despite Automating 25% of Work Hours
7 articles · Updated · The New York Times · May 22
Goldman Sachs CEO David Solomon argued AI will be a net job creator, rejecting forecasts of mass unemployment even as the technology reshapes white-collar work.
Goldman Sachs economists estimate AI could automate 25% of current work hours over the next decade, with accountants, bankers and lawyers among the roles likely to see many tasks replaced.
A Stanford study cited in the essay found entry-level employment in the most automation-exposed occupations, including software engineering and customer service, has already fallen 16% versus less-exposed roles.
More than 200,000 construction jobs have been created since 2022 by rising demand for data centers, Solomon said, arguing AI will cut some functions while expanding hiring in others.
The essay frames AI as another disruptive but ultimately job-generating technological shift, while acknowledging the transition could still impose heavy costs on workers and communities.
Is the AI job takeover a gradual wave or a sudden tsunami for white-collar workers?
AI promises new jobs, but will they be careers we actually want?
As AI targets office work, is a skilled trade now safer than a college degree?
AI and the Workforce: Disruption, Adaptation, and the Path to 170 Million New Jobs by 2030
Overview
Goldman Sachs takes a cautiously optimistic view on artificial intelligence, seeing it as a disruptive force that will reshape and adapt the labor market rather than cause widespread job loss. Their perspective is based on both historical economic analysis and current projections, noting that past predictions of technology eliminating human labor have rarely come true. While changes in the workforce are inevitable as AI advances, Goldman Sachs believes a complete collapse of human employment is unlikely. Instead, they emphasize that AI will drive adaptation, requiring workers and businesses to adjust and develop new skills to thrive in the evolving economy.