Goldman Sachs' Q3 compensation expenses surged by 14%. CEO Solomon stated that AI will help reduce costs and improve efficiency.

Jin10 data reported on October 14th, Goldman Sachs (GS.N) CEO Solomon stated during the announcement of the third-quarter financial report that artificial intelligence will help drop costs in the future, as the bank's employee compensation expenses rose 14% year-on-year. The financial report showed that for the three months ending in September, Goldman Sachs's compensation and benefits expenses increased to $4.7 billion, with a total of $13.2 billion in the first nine months of this year, a rise of 10% compared to the same period last year. Quarterly operating expenses increased by 14% year-on-year to $9.45 billion, rising 2% quarter-on-quarter, primarily driven by compensation growth. This rise is partly due to the chain effect brought about by a significant increase in advisory fee income from the investment banking division. Solomon stated: “In the long term, we will prioritize improving operational efficiency to serve our clients more effectively, and this goal will be supported by our new artificial intelligence technology.”