According to Fortune, Goldman Sachs CEO David Solomon is pushing back against AI job replacement hysteria, arguing that while technological change is happening fast, humans and the economy will adapt as they always have. Solomon specifically questioned the impact of AI-linked layoffs that have worried everyone from job seekers to Federal Reserve Chairman Jerome Powell. He pointed out that only 11% of Goldman Sachs’ investment banking clients are actively cutting jobs because of AI, based on a recent survey. However, that same survey found 37% of clients across real estate, tech, and finance are already using AI in their main business processes, with more than half expected to adopt it within a year and 74% within three years. Solomon acknowledged recent high-profile layoffs like Amazon’s 14,000 job cuts but noted Amazon’s CEO said these weren’t “even really AI-driven, not right now at least.”
Sponsored content — provided for informational and promotional purposes.
The Adaptation Argument
Here’s the thing about Solomon’s position – it’s fundamentally optimistic about human resilience and economic flexibility. He’s basically saying we’ve been through this before with every major technological shift from the industrial revolution to the internet age. And you know what? He’s not wrong. The economy does tend to create new types of jobs even as old ones disappear. But here’s my question: is AI different? The speed and scope of this change feels unprecedented, even if the pattern isn’t.
The Data Tells Two Stories
What’s fascinating about the Goldman Sachs survey is that it reveals both sides of this debate. On one hand, only 11% of clients are cutting jobs due to AI – that’s actually pretty reassuring. But then you’ve got nearly 40% already implementing AI in core business processes, with adoption expected to explode to three-quarters of companies within three years. That’s massive. So while the immediate job cuts might be limited, the groundwork is being laid for significant workforce transformation. Companies aren’t just firing people because of AI – they’re rebuilding their operations around it.
The White Collar Reckoning
Solomon did acknowledge that corporate AI implementation will likely mean fewer white-collar jobs. But he argues these positions will be picked up elsewhere in the economy. I think this is where the real debate lies. We’re not talking about factory automation replacing blue-collar workers anymore – we’re talking about AI systems that can potentially outperform college-educated professionals in analysis, writing, coding, and even strategic thinking. The question becomes: what new jobs will be created that can absorb all that displaced talent?
Bumps Ahead
Even Solomon admits this won’t be smooth sailing. He called the current AI enthusiasm a potential “double-edged sword” and warned that “not everyone will come out winning.” That’s probably the most honest part of his assessment. Technological transitions always create winners and losers, and this one will be no different. The real challenge for policymakers, educators, and business leaders will be managing that transition in a way that minimizes the human cost while maximizing the economic benefits. Because let’s be real – when the CEO of Goldman Sachs tells you there will be “bumps along the way,” you should probably listen.
