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Goldman Sachs to tap Anthropic AI model to automate accounting, compliance

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Are we in a 'SaaSapocalypse'? Tech VC explains AI's disruption of software

Goldman Sachs has been working with the artificial intelligence startup Anthropic to create AI agents to automate a growing number of roles within the bank, the firm’s tech chief told CNBC exclusively.

The bank has, for the past six months, been working with embedded Anthropic engineers to co-develop autonomous agents in at least two specific areas: accounting for trades and transactions, and client vetting and onboarding, according to Marco Argenti, Goldman’s chief information officer.

The firm is “in the early stages” of developing agents based on Anthropic’s Claude model that will collapse the amount of time these essential functions take, Argenti said. He expects to launch the agents “soon,” though he declined to provide a specific date.

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“Think of it as a digital co-worker for many of the professions within the firm that are scaled, are complex and very process intensive,” he said.

Goldman Sachs CEO David Solomon said in October that his bank was embarking on a multi-year plan to reorganize itself around generative AI, the technology that has made waves since the arrival of OpenAI’s ChatGPT in late 2022. Even as investment banks like Goldman are experiencing surging revenue from trading and advisory activities, the bank will seek to “constrain headcount growth” amid the overhaul, Solomon said.

The news from Goldman, a leading global investment bank, comes as model updates from Anthropic, co-founded by a former OpenAI executive, have sparked a sharp selloff among software firms and their credit providers as investors wager on who the winners and losers from the AI trade will be.

Are we in a 'SaaSapocalypse'? Tech VC explains AI's disruption of software

Goldman began last year by testing an autonomous AI coder called Devin, which is now broadly available to the bank’s engineers. But it quickly found that Anthropic’s AI model could work in other parts of the bank, said Argenti. 

“Claude is really good at coding,” Argenti said. “Is that because coding is kind of special, or is it about the model’s ability to reason through complex problems, step by step, applying logic?”

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Argenti said the firm was “surprised” at how capable Claude was at tasks besides coding, especially in areas like accounting and compliance that combine the need to parse large amounts of data and documents while applying rules and judgment, he said.

Now, the view within Goldman is that “there are these other areas of the firm where we could expect the same level of automation and the same level of results that we’re seeing on the coding side,” he said.

The upshot is that, with the help of the agents in development, clients will be onboarded faster and issues with trade reconciliation or other accounting matters will be solved faster, Argenti said.

Goldman could next develop agents for tasks like employee surveillance or making investment banking pitchbooks, he said. 

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While the bank employs thousands of people in the compliance and accounting functions where AI agents will soon operate, Argenti said that it was “premature” to expect that the technology will lead to job losses for those workers.

Still, Goldman could cut out third-party providers it uses today as AI technology matures, he said.

“It’s always a tradeoff,” Argenti said. “Our philosophy right now is that we’re injecting capacity, which in most cases will allow us to do things faster, which translates to a better client experience and more business.”

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Crypto World

Amina Becomes First Regulated Bank on EU’s Blockchain Securities Platform

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Amina Becomes First Regulated Bank on EU's Blockchain Securities Platform

Amina, a Swiss-regulated crypto bank, has joined a blockchain-based settlement platform for tokenized securities operating under the European Union’s DLT pilot regime, marking another step toward integrating digital asset infrastructure with traditional capital markets.

The Zug, Switzerland-based company announced Monday that it has become a listing sponsor on the EU-regulated platform 21X, making Amina the venue’s first fully regulated bank participant.

Amina said the move will allow it to support companies issuing tokenized securities on 21X through its partnership with Tokeny, a Luxembourg-based company that provides technology for creating and managing tokenized financial assets.

The collaboration aims to address a key barrier to institutional adoption of tokenized assets by connecting regulated banks with the issuance and trading of tokenized securities.

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21X received an infrastructure permit under the EU’s DLT pilot regime in December 2024, allowing it to run a regulated market for blockchain-based securities in a regulatory test environment.

“A lack of interoperability of tokenized asset platforms” was cited by Baker McKenzie’s European Financial Services practice in June as one of the main obstacles to the adoption of tokenization among financial institutions. “Scale will only be achieved when numerous market players are transacting with each other on common or interconnected platforms,” Zurich partner Yves Mauchle wrote on the firm’s blog.

Introduced in 2023, the DLT framework allows market operators to experiment with blockchain-based trading and settlement of financial instruments within a regulatory sandbox. The program is intended to help regulators evaluate how the technology could fit into existing market infrastructure.

Despite early uptake, the regime has faced scrutiny from industry participants, who warn that its current limits could prevent European onchain markets from scaling and competing with other jurisdictions. It remains unclear whether participation from regulated banks such as Amina will help accelerate adoption.

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Related: Crypto exchanges gain as tokenized commodity market climbs to $7.7B

Strong growth of tokenized real-world assets

The development comes as financial institutions increasingly invest in blockchain infrastructure for tokenized assets. In the United States, institutions including BNY, Nasdaq and S&P Global recently backed the expansion of the Canton Network, while Europe is testing regulated blockchain trading venues such as 21X under the EU’s DLT pilot regime.

In February, eight EU-regulated digital asset companies urged policymakers to accelerate digital asset legislation, warning that the bloc risks falling behind the United States and other jurisdictions in developing tokenized financial markets.

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The total value of tokenized real-world assets has reached $26.5 billion. Source: RWA.xyz

To be sure, positive developments are taking place. In September, crypto exchange Kraken launched tokenized securities trading for European users through its xStocks platform, which offers blockchain-based versions of US-listed equities. 

Two months later, tokenization platform Ondo received regulatory approval in Liechtenstein to offer tokenized equities trading to European investors.

Related: Crypto Biz: Kraken plugs into the Fed