Goldman Sachs CEO Dismisses AI Job Apocalypse Fears: Here's Why

Goldman Sachs CEO David Solomon has pushed back against fears of an AI-driven job apocalypse, calling such concerns "overblown" in a recent New York Times guest essay. While acknowledging that AI will disrupt the labor market, Solomon argues that the U.S. economy is resilient enough to adapt and even thrive.

Key Facts

• Solomon cites Goldman Sachs analysis estimating AI could automate 25% of current work hours in the next ten years.
• White-collar jobs in accounting, banking, and law are likely to see many tasks automated, but blue-collar roles may be less impacted.
• Solomon offers three reasons for optimism: AI will free up humans for complex tasks, enhance existing professions rather than make them obsolete, and create new jobs managing AI systems.

Crucial Quote

"In 1930, John Maynard Keynes famously predicted that, by 2030, people would work only 15 hours a week. While his vision of a leisure-filled future remains unfulfilled, it is a good reminder that fears of a job apocalypse may very well overlook A.I.’s potential to spur an economic and productivity revival."

Chief Critic

MIT economist Daron Acemoglu warns of "excessive automation" and estimates AI will only profitably perform 5% of job tasks between 2024 and 2034. He cautions that using AI to automate work without creating new tasks could lead to a work shortage and more menial jobs.

Key Background

A McKinsey analysis found that 51% of organizations reported generative AI reducing their need for entry-level jobs in 2025. Goldman Sachs economists identify telephone operators, insurance claims representatives, and bill collectors as high-risk for substitution, while education administrators, physicians, and construction managers are more likely to be augmented by AI.

Further Reading

I’m the C.E.O. of Goldman Sachs. The A.I. Job Apocalypse Is Overblown. (New York Times)