https://www.ft.com/content/4f20fbb9-a10f-4a08-9a13-efa1b55dd...
> The bank [Goldman Sachs] now has 11,000 engineers among its 46,000 employees, according to [CEO David] Solomon, and is using AI to help draft public filing documents.
> The work of drafting an S1 — the initial registration prospectus for an IPO — might have taken a six-person team two weeks to complete, but it can now be 95 per cent done by AI in minutes, said Solomon.
> “The last 5 per cent now matters because the rest is now a commodity,” he said.
In my eyes, that is major. Junior ibankers are not cheap -- they make about 150K USD per year minimum (total comp).