Devin, the AI Software Engineer, Joins Developer Team
Goldman Sachs is integrating artificial intelligence more deeply into its operations by testing “Devin,” an autonomous software engineer developed by AI startup Cognition. The move marks a significant shift in the firm’s technology strategy, as Devin is expected to join the bank’s team of 12,000 human developers. According to Goldman’s Chief Information Officer Marco Argenti, the AI will initially augment the developer workforce and could eventually scale to thousands of instances depending on internal demand.
Devin gained attention last year after Cognition demonstrated its capabilities as a full-stack engineer able to complete multi-step coding tasks with little to no human input. Now, Goldman Sachs is the first major financial institution to adopt this agentic AI, which can independently execute complex technical jobs, unlike earlier AI models limited to text generation or data summarization.
From Code Assistant to Autonomous Developer
While many companies have introduced AI assistants to help with simple tasks, Devin represents a more advanced application of artificial intelligence. Unlike traditional models, agentic AIs like Devin can perform end-to-end programming functions. At tech firms like Microsoft and Alphabet, AI is already responsible for about 30% of code output on some projects, while Salesforce reports that AI handles up to 50% of technical workloads.
At Goldman Sachs, the expectation is that Devin will handle repetitive or low-level engineering tasks, such as updating legacy code, under human supervision. This could improve developer productivity by a factor of three or four, Argenti noted. The move signals the beginning of a broader transition where AI is not just a support tool but a full contributor to software development.
Rapid Growth of Cognition and Industry Backing
Cognition, the startup behind Devin, was founded in late 2023 and has rapidly grown in both capability and valuation. Backed by high-profile investors including Peter Thiel and Joe Lonsdale, Cognition doubled its valuation to nearly $4 billion within a year of launching Devin. Although Goldman Sachs is not an investor in the company, it is the first bank to adopt the technology for internal use.
The firm’s team is reportedly composed of elite software engineers and competition-winning coders, a fact that underscores the sophistication of its product. Goldman’s partnership with Cognition may serve as a model for other institutions exploring deeper AI integration in mission-critical functions.
The Rise of the Hybrid Workforce
While Goldman’s adoption of Devin highlights AI’s efficiency potential, it also raises questions about the future of jobs on Wall Street. Industry research predicts that banks could eliminate up to 200,000 roles globally over the next five years as AI technologies replace or redefine job functions. Executives across industries, from Amazon to Ford, have acknowledged AI’s disruptive impact on hiring strategies.
Argenti envisions a “hybrid workforce” where humans and AI work in tandem. Developers will need to develop new skillsets, such as translating business problems into effective prompts and managing AI agents. Though developers are currently the most compatible with reinforcement learning techniques used in AI, Argenti suggests that other roles within banking could soon follow.
Goldman Sachs’ deployment of Devin marks a new chapter in the intersection of finance and artificial intelligence. As the first major bank to integrate an autonomous AI engineer, Goldman is setting a precedent for the future of hybrid workforces. With AI’s role expanding from support to execution, companies are being pushed to redefine productivity, talent, and innovation in the digital age.
