Goldman Sachs says middle managers at risk as new hires oversee AI
Banks will also need fewer fresh graduates for analysis and preparatory work
Newly hired finance professionals will manage AI agents from day one, altering traditional career progression, according to Goldman Sachs Asia Pacific head Kevin Sneader. At the Milken Institute Asia Summit in Singapore, Sneader pointed out that today's entry-level employees will need to oversee the virtual army of AI agents they now have at their disposal.
This shift will challenge the way banks deploy managers, as previous generations typically spent years in their roles before assuming managerial responsibilities. Rather than focusing on job losses, industry experts were discussing how roles would evolve in the age of AI. Some, like Goldman Sachs President John Waldron, have likened their operations to a "human assembly line" primed for automation.
As AI reshapes the financial landscape, thousands of jobs are expected to be upended across the industry. With the traditional career ladder at professional service firms no longer guaranteed, Sandra Peterson, an operating partner at Clayton, Dubilier & Rice, suggested that the number of entry-level positions may decrease as AI takes over routine tasks.
The Monetary Authority of Singapore also acknowledged these changes, with managing director Chia Der Jiun noting that operations staff will need to become managers and supervisors of AI agents. Banks will require fewer fresh graduates for analysis and preparatory work, Chia added. In response, Singapore's financial firms plan to train 80,000 staff in AI skills, and young people are being encouraged to embrace entrepreneurship in this new era.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
