Goldman Sachs' CEO David Solomon said AI can write 95 per cent of an IPO prospectus accurately, and people are now required for the last 5 per cent of the report.

The ways AI is changing the work of bankers and analysts just got clearer at the Wall Street bank.

It used to take two weeks for a team of six bankers to do the same task, Goldman Sachs CEO David Solomon said.

Goldman Sachs is one of the biggest investment banker “book runners” for IPOs -- where banks are paid many millions of dollars for each listing they

Goldman Sachs chief David Solomon has warned private companies to take “great caution” before deciding to go public, adding that the depth of capital in private markets has removed the need for many to list at all.

In a bold claim, Goldman Sachs CEO David Solomon has said that artificial intelligence (AI) can draft an IPO (initial public offering) prospectus. According to Financial Times, Solomon said that AI can accurately compile 95% of such a document.