Business
Goldman Sachs taps Anthropic’s Claude to automate accounting, compliance roles
Goldman Sachs has been working with the artificial intelligence startup Anthropic to create AI agents to automate a growing number of roles within the bank, the firm’s tech chief told CNBC exclusively.
The bank has, for the past six months, been working with embedded Anthropic engineers to co-develop autonomous agents in at least two specific areas: accounting for trades and transactions, and client vetting and onboarding, according to Marco Argenti, Goldman’s chief information officer.
The firm is “in the early stages” of developing agents based on Anthropic’s Claude model that will collapse the amount of time these essential functions take, Argenti said. He expects to launch the agents “soon,” though he declined to provide a specific date.
“Think of it as a digital co-worker for many of the professions within the firm that are scaled, are complex and very process intensive,” he said.
Goldman Sachs CEO David Solomon said in October that his bank was embarking on a multiyear plan to reorganize itself around generative AI, the technology that has made waves since the arrival of OpenAI’s ChatGPT in late 2022. Even as investment banks like Goldman are experiencing surging revenue from trading and advisory activities, it will seek to “constrain headcount growth” amid the overhaul, Solomon said.
The news from Goldman comes as model updates from Anthropic, co-founded by a former OpenAI executive, have sparked a sharp sell-off among software firms and their credit providers as investors wager on who the winners and losers from the AI trade will be.
Goldman began last year by testing an autonomous AI coder called Devin, which is now broadly available to the bank’s engineers. But it quickly found that Anthropic’s AI model could work in other parts of the bank, Argenti said.
“Claude is really good at coding,” Argenti said. “Is that because coding is kind of special, or is it about the model’s ability to reason through complex problems, step-by-step, applying logic?”
Argenti said the firm was “surprised” at how capable Claude was at tasks besides coding, especially in areas like accounting and compliance that combine the need to parse large amounts of data and documents while applying rules and judgment, he said.
Now, the view within Goldman is that “there are these other areas of the firm where we could expect the same level of automation and the same level of results that we’re seeing on the coding side,” he said.
The upshot is that, with the help of the agents in development, clients will be onboarded faster and issues with trade reconciliation or other accounting matters will be solved faster, Argenti said.
Goldman could next develop agents for tasks like employee surveillance or making investment banking pitchbooks, he said.
While the bank employs thousands of people in the compliance and accounting functions where AI agents will soon operate, Argenti said that it was “premature” to expect that the technology will lead to job losses for those workers.
Still, Goldman could cut out third-party providers it uses today as AI technology matures, he said.
“It’s always a trade-off,” Argenti said. “Our philosophy right now is that we’re injecting capacity, which in most cases will allow us to do things faster, which translates to a better client experience and more business.”
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Noel Tata part of 3-1 vote against Srinivasan, Singh at Tata edu trust – The Times of India
MUMBAI: Noel Tata has voted against the reappointment of Venu Srinivasan and Vijay Singh as trustees of Tata Education and Development Trust (TEDT), the largest corpus trust within Tata Trusts, in a move that widens fault lines within one of India’s most powerful philanthropic structures. It marks the first time Noel has made his opposition to the duo unequivocal.The vote, the last of four cast on the matter, added to a verdict that had already been sealed when Mehli Mistry became the first to oppose the duo’s extension, shortly after the trusteeship renewal circular was issued.Under TEDT’s governance rules, reappointments require unanimous consent among trustees – a threshold that had already been foreclosed by Mehli’s vote. Jehangir Mistry subsequently voted against both men as well. Srinivasan and Singh had each voted for the other. The tally stood at 3-1 against each of them.
Noel’s vote signals widening of Tata Trusts rift since ’25
Their tenures in an influential Tata trust that supports projects in India and abroad, formally expired on Sunday, May 10. Noel Tata voting against Srinivasan and Singh significantly curtails influence of both men within wider Tata Trusts ecosystem, even as they remain vice-chairmen of the Sir Dorabji Tata Trust (SDTT) and Sir Ratan Tata Trust (SRTT) — the two apex trusts that together hold controlling stake in Tata Sons.The rift between Noel and the duo deepened after Srinivasan and Singh publicly backed a listing of Tata Sons, a move Noel opposed. In an email to Tata Trusts CEO, Mehli said “My affidavit in response to the board composition change report for SDTT explains the reasons why I chose to take such a decision.” According to the affidavit, Noel, Srinivasan and Singh had wrongly voted against him at SDTT. He also said that Srinivasan had taken part in the vote even though his term had already ended at SDTT. TEDT, with a corpus of Rs 5,600 crore, has been among the most prominent Indian donors to Ivy League institutions, including Harvard Business School and Cornell University, and owns and operates two cancer hospitals in India while supporting 17 others through grants.Following the board changes, Noel remains chairman and perpetual trustee of TEDT. Mehli continues in his role as perpetual trustee, while Jehangir holds a fixed-term trusteeship. With Srinivasan and Singh’s departure, TEDT now sits at the minimum threshold of three trustees permitted under its deed. An email sent to Noel did not elicit a response. The vote is the latest and most visible expression of a fracture within Tata Trusts that has been widening since late 2025. Established by former Tata Trusts chairman Ratan Tata in 2008, TEDT is perhaps the only trust within Tata Trusts that can support social projects in India and abroad.
Business
CCI to probe Pernod Ricard, seven others – The Times of India
NEW DELHI: The Competition Commission has ordered a detailed probe against French spirits major Pernod Ricard and seven other entities for alleged cartelisation in the Indian-made foreign liquor market.The seven entities that have come under the watchdog’s lens are Indo Spirits, Pathway HR Solutions, Universal Distributors, Khao Gali, Bubbly Beverages, Shiv Associates and Organomix Ecosystems.Ordering the investigation, the regulator said it is of prima-facie view that Pernord Ricard’s restrictive conduct with its retailers/wholesalers, purportedly, to induce brand pushing and achieve higher market share in IMFL market in Delhi, falls within the purview of ‘exclusive dealing agreement’ under the Competition Act. Such conduct violates the Act, according to a 26-page order, dated May 5, by the Competition Commission of India (CCI). The complaint was filed before the CCI in 2024.CCI’s Director General (DG) will carry out the investigation that will also look into the role of the persons/officers who were responsible for the conduct of the activities of such entities as well as individuals whose consent or connivance was involved during the time of the contraventions.
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