Goldman Sachs has lost more than 100 employees to rival Wall Street banks who have raided its stable of AI talent in the last year as investment giants compete for the top minds in a rapidly developing field that is expected to change the face of finance, according to a report.

Goldman’s rivals such as JPMorgan Chase, Morgan Stanley and Citigroup have lured away the highly coveted workers, according to data compiled by the consultancy firm Evident.

Bank of America, which had a net outflow of 55 staffers, and Wells Fargo, which saw its headcount fall by 130 people leave, have also been targeted by competitors, figures cited by Bloomberg News show.

Evident used data linked to roles such as AI development, model risk, data engineering and software development — some of which pay an annual wage of up to $900,000.

Goldman, which hired 46 workers away from its rival banks, counts 46,000 total employees, so the net outflow of 60 people represents a drop in the bucket for the Wall Street investment giant.

In total, one out of four Goldman employees work in a tech-related job.

Earlier this year, Goldman announced that it had hired former Amazon executive Bing Xiang to take on the role of managing director and head of AI research within the bank’s engineering department.

Jamie Dimon, CEO of JPMorgan Chase, the nation’s largest bank,is bullish on AI.

He recently predicted that AI would enable humans to cut their work week to just three-and-a-half days.

The Post has sought comment from Goldman as well as from JPMorgan Chase, Wells Fargo, Morgan Stanley and Citigroup.

Earlier this month, George Lee, co-head of Goldman’s office of applied innovation, said that the investment bank was working on a dozen projects which will incorporate generative AI into its business practices.

Among the most mature of the projects include writing code in English-language commands, and being able to generate documentation, according to Lee.

None of the projects are directly client facing, such as where the bank delivers financial advice to customers, because of the regulated nature of financial services, he added.

“We’re moving very deliberately, very carefully, very thoughtfully,” said Lee, who jointly leads Goldman’s new global institute offering clients advice on the intersection of geopolitics, technology and markets.

Companies, including banks, are grappling with the potential advantages which generative AI can provide their businesses, but also how to manage the challenges the new technology creates.

Morgan Stanley is rolling out a generative AI bot that helps financial advisers find research or sift through thousands of forms.

The tool was developed with OpenAI, the makers of ChatGPT.

JPMorgan Chase is also developing software that uses AI to select investments.

Lee told Reuters NEXT that while the technology and its potential was “thrilling”, there still needs to be a “human in the loop” to manage what is going on and intervene where necessary.

With Post Wires