Young bankers to manage AI agents from start, Goldman exec says

Goldman Sachs CEO Kevin Sneader predicts that new bank employees will manage AI agents from the moment they begin their careers, marking a significant shift in the traditional banking career path. This new reality, he says, will challenge established middle managers and raise questions about their future roles. Sneader's comments come as part of a panel discussion at the Milken Institute Asia Summit in Singapore on Oct 8, where other speakers emphasized the need for banks to adapt to the changes brought about by AI.

Sandra Peterson, an operating partner at Clayton, Dubilier & Rice, suggested that the traditional career ladder, once likened to a pyramid, may no longer be necessary as AI performs many of the necessary tasks, potentially reducing the need for entry-level positions. The Monetary Authority of Singapore's Chia Der Jiun echoed these sentiments, saying that operations staff will need to become managers and supervisors of AI agents.

The city-state has already begun preparing for these changes by training bank staff in AI skills and collaborating with universities to ensure graduates are equipped for the new reality. For young people, Sneader sees the upside beyond securing a finance job, noting that entrepreneurship has never been more accessible due to the reduced resources required to start a business.