Goldman Sachs has launched a new division called the Goldman Sachs Global Institute. This division aims to provide geopolitics and technology research to assist clients who become anxious when exposed to news events. This move suggests that Goldman Sachs is shifting away from its consumer banking division and refocusing on its core elite clientele.
All is Fair in AI and War
Goldman Sachs is not the only financial institution offering products to help clients alleviate their concerns about global events. BlackRock, for example, has a “geopolitical risk dashboard” that visually displays investor reactions to major global events. Goldman’s new division plans to go beyond the analysis of international conflicts and will also focus on the growing generative AI economy.
George Lee and Jared Cohen have been appointed to lead the new institute. Cohen’s background at Google’s parent company, Alphabet, makes him well-suited to advise clients on upcoming tech surprises. In a recent interview with the Financial Times, Cohen clarified that the goal of the institute is not to create another think-tank, but he left the exact details of the division’s makeup open to interpretation.
Bounty Hunters: In addition to Goldman Sachs, Google is also addressing the fears associated with generative AI. The company announced an expansion of its bug bounty program, which rewards ethical hackers for finding vulnerabilities in its cybersecurity infrastructure, to now include generative AI. This move demonstrates Google’s commitment to identifying and addressing potential issues such as unfair bias, model manipulation, and misinterpretations of data.
Goldman Sachs is venturing into the realm of geopolitical advice to meet the needs of its elite clientele who desire insight and guidance in a world of constant uncertainty and change. By providing research and analysis on geopolitics and technology, the Goldman Sachs Global Institute aims to provide clients with valuable information and strategic advice. This move marks a shift in focus for Goldman Sachs away from consumer banking and towards its core clients.
Goldman Sachs joins the ranks of other financial institutions, such as BlackRock, in offering tools to help clients navigate global events and manage their financial risks more effectively. With its focus on geopolitics and generative AI, the Goldman Sachs Global Institute goes beyond traditional analysis and offers unique insights into the intersection of technology and global affairs.
George Lee and Jared Cohen, both experienced individuals with diverse backgrounds, will be leading the institute. Leveraging Cohen’s experience at Google’s parent company Alphabet, the institute will be well-equipped to provide clients with valuable advice on emerging technology trends and potential risks.
In addition to Goldman Sachs, Google is also addressing the concerns surrounding generative AI. Through its expanded bug bounty program, which incentivizes ethical hackers to identify vulnerabilities, Google aims to ensure the integrity and fairness of its AI systems. By broadening the definition of vulnerabilities to include unfair bias and model manipulation, Google is taking proactive steps to address potential ethical issues.
In a world where technology and global events are intertwined, it is crucial for financial institutions to offer comprehensive advice and solutions to their clients. The establishment of the Goldman Sachs Global Institute and Google’s expansion of its bug bounty program demonstrate a commitment to understanding and mitigating the risks associated with geopolitics and emerging technologies.
As the world becomes increasingly interconnected and technology continues to advance at an exponential rate, the need for informed and strategic advice becomes paramount. Financial institutions like Goldman Sachs are recognizing the importance of providing clients with geopolitical and technological insights to navigate an uncertain world. By expanding their offerings beyond traditional financial services, these institutions are positioning themselves as trusted advisors in an ever-changing landscape.