GOLDMAN PARTNER: AI IS BREEDING 'COGNITIVE ATROPHY' ON WALL STREET

🚨 A Goldman Sachs partner just said the quiet part out loud: AI on Wall Street risks "cognitive atrophy."

Chris Churchman leads Marquee, Goldman's digital platform used by hedge funds and institutional clients for market data, research, risk analytics and trade execution. He also co-chairs the bank's Global Banking and Markets AI working group.

CNBC reports his comments came on Goldman's "Exchanges" podcast, from a transcript provided exclusively to the network.

His point is not that AI fails. It is that it works, and takes the wrong jobs first.

Junior traders learn by fielding client pricing requests under the eye of experienced risk takers. Churchman says that work can absolutely be automated. His question is what happens next: do you still get senior traders who fully understand the business?

"You learn by doing, and a lot of knowledge is tacit, it was never written down," he said.

The money angle is blunt. AI makes the industry more profitable today while eroding the apprenticeship culture that produces the talent it bills clients for tomorrow. CNBC reported last year that Wall Street firms were already examining how to use AI to lower the ratio of junior bankers to senior staff.

Churchman, who ran currency trading at UBS before joining Goldman in 2021, says even Goldman has not figured out how to manage the transition it has already started.

The hardest technical problem, he says, is making AI answers 100% factual and auditable. Consumer chatbots warn you they make mistakes. High finance has almost no tolerance for that.

Then the best line in the interview. Pushed hard, the software told them: "in the end, I'm better at sounding thorough than being thorough."

Would you rather have a banker who uses AI, or one who can still do the math without it?

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