Goldman Sachs hires new employee ‘Devin’ who has no degree, know why he threatens entry-level roles

Goldman Sachs, the American multinational investment bank and financial services company, has deployed a new AI hire, Devin, capable of developing software just like a human developer. On behalf of developers, the company said it will act like its new employee, marking a major shift in the job sectors involving developers and coders. 

Meet Devin, Goldman Sachs’ new AI hire

Developed by London-based startup Cognition, Devin is capable of conducting end-to-end coding tasks, improving worker productivity by up to three or four times the rate of previous AI tools. According to Goldman’s chief information officer, Marco Argenti, the model is as good as any developer. “We’re going to start augmenting our workforce with Devin, who's going to be like our new employee who’s going to start doing stuff on the behalf of our developers,” Argenti told CNBC. 

Goldman Sachs is expected to onboard Devin in huge numbers, adding to the company’s existing team of over 12000 software engineers. Argenti believes the move will usher in the ‘hybrid workforce’ era, setting stage for humans and AI workplace. However, the induction will pose a threat to entry-level workers. 

How does Goldman Sachs’ Devin kill entry-level jobs?

With the induction of AI employee Devin in Goldman Sachs, the future of aspiring engineers and entry-level job seekers is at stake. As AI reshapes traditional job paths, the move will threaten roles like junior analysts who handle coding and research tasks. The industry is likely to undergo a major AI-driven transformation, replacing AI employees with engineers. However, reportedly, Goldman continues to hire software engineers. 

Meanwhile, Anthropic CEO Dario Amodei predicted that AI could eat half of all entry-level white-collar jobs within five years. Ford CEO Jim Farley warned that all white-collar work could disappear in the U.S.beyond those early in their careers. Also, Bloomberg Intelligence has predicted banks could cut up to 200,000 jobs globally over the next 3–5 years, due to automation threatening roles like junior analysts who handle coding and research tasks.