Goldman Sachs has introduced Devin, an autonomous agentic AI developed by Cognition, capable of independently planning, writing, testing, and debugging software to enhance the bank’s technological capabilities. This marks a significant shift from traditional AI assistance to fully autonomous software engineering, signaling a transformative change in how financial institutions leverage AI for complex coding tasks.
Goldman Sachs is making headlines on Wall Street by introducing an autonomous software engineer named Devin, an example of agentic AI designed to automate software development tasks within the bank. Unlike traditional AI tools that assist with tasks like drafting emails or summarizing documents, Devin can independently plan, write, test, and debug code. This represents a significant leap in AI capabilities, moving from simple assistance to fully autonomous execution of complex software projects. Devin is expected to join Goldman Sachs’ existing team of 12,000 human developers, enhancing the bank’s technological edge.
Software developers at banks like Goldman Sachs play a critical role in maintaining and updating the institution’s software infrastructure, ensuring smooth operations and competitiveness. Over the past year, major Wall Street firms such as JPMorgan, Goldman Sachs, and Morgan Stanley have introduced AI tools based on OpenAI’s models to help their employees become familiar with AI technology. These tools function similarly to ChatGPT, assisting with routine tasks but with limited autonomy. Devin, however, represents a new class of AI that can independently carry out software engineering projects, marking a transformative shift in how banks might leverage AI.
The agentic AI system Devin is developed by a startup called Cognition, which has rapidly grown to a $4 billion valuation in just 18 months and is backed by notable investors like Peter Thiel. Cognition’s technology focuses on advanced reasoning capabilities that enable the AI to autonomously execute complex tasks. Goldman Sachs plans to integrate this technology with its proprietary data, allowing Devin to operate securely within the bank’s environment and leverage internal knowledge to produce effective software solutions.
Training and data sourcing for Devin involve combining Cognition’s advanced AI models with Goldman Sachs’ proprietary data sets. This approach ensures that the AI system is tailored to the bank’s specific needs and operates within a secure framework. By embedding the AI within the bank’s data infrastructure, Goldman Sachs aims to maximize the efficiency and accuracy of Devin’s software development capabilities while maintaining strict data security and compliance standards.
Overall, Goldman Sachs’ deployment of Devin signals a broader trend in the financial industry toward embracing more autonomous AI systems that go beyond simple assistance. This move could redefine the role of software engineers in banking, augmenting human capabilities with AI that can independently handle complex coding tasks. As other major financial institutions also explore AI integration, the landscape of software development on Wall Street is poised for significant transformation driven by agentic AI technologies.