Connect with us
DAPA Banner

Crypto World

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

Published

on

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.

Advertisement

“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?”

Advertisement

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. 

Advertisement

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.”

Source link

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

Current BTC Price Action Shows Dramatic Underperformance: Analyst

Published

on

Bitcoin Price, Bitcoin Analysis, Halving, Bitcoin Halving

The current Bitcoin (BTC) market cycle is “dramatically” weaker than the three previous cycles, according to Alex Thorn, the head of firmwide research at investment firm Galaxy.

Thorn compared price action since the April 2024 Bitcoin halving to cycles triggered in 2012, 2016 and 2020; the current cycle shows significantly dampened volatility and lower upside. The all-time high above $125,000 on Oct. 5, 2025 was only 97% above the 2024 halving price around $63,000.

BTC’s price increased by about 9,294% during the 2012 halving cycle, reaching a high of about $1,163, and climbed by about 2,950% during the 2016 halving cycle, reaching a high of about $19,891. The 2020 halving saw a price increase of about 761%.

Bitcoin Price, Bitcoin Analysis, Halving, Bitcoin Halving
A comparison of Bitcoin’s price action in previous halving cycles. Source: Alex Thorn

“Cycle four is dramatically underperforming prior cycles,” Thorn said in an X post, asking, “Is this the new normal, or is it the new normal until it isn’t?”

The decreasing volatility in each successive BTC halving cycle suggests that traditional market dynamics are changing and that BTC’s price may start to be influenced more by other factors, rather than the halving or the four-year cycle market theory.

Advertisement

The 30-day Bitcoin Volatility Index, which spiked to 9.64% on April 2, 2020, has not been above 3.11% in the current cycle, a reading last tipped on Aug. 24, 2024. At last look, the latest 30-day estimate for that volatility gauge is 1.75%, according to Bitbo data.

Related: Bitcoin bull run ‘still too early’ to call as demand lags exiting capital: Analyst

Critics say current cycle performance ignores the premature all-time high before 2024’s halving

BTC reached what was then the all-time high above the $70,000 level in March 2024 — one month before the April 2024 halving.

The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States in January 2024 was the primary catalyst for the price pump.

Advertisement
Bitcoin Price, Bitcoin Analysis, Halving, Bitcoin Halving
The price of BTC hit an all-time high before the April 2024 halving. Source: TradingView

This historic anomaly of BTC hitting a new all-time high before the halving skewed the current cycle’s price performance, critics of Thorn’s analysis said.

Bitcoin drawdowns have also become less severe, as volatility has declined, according to Fidelity Digital Assets.

Previous Bitcoin bear markets have seen declines between 80% and 90%, according to Zack Wainwright, a Fidelity Digital Assets research analyst.

However, Bitcoin’s crash to $60,000 from the all-time high above $125,000 represents a decline just north of 50%, Fidelity’s analysis noted.

In March, Jan van Eck, CEO of asset management company VanEck, said that BTC is close to bottoming out and that he expects the price to begin gradually rising again in 2026. 

Advertisement

At last look, the biggest crypto was trading at about $74,703, up almost 5% in the last seven days, according to TradingView data.

Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt