Goldman Sachs CEO David Solomon said investment banks could use artificial intelligence to reduce rote tasks such as writing financial documents.

Bankers used to have to spend weeks at a time drafting documents for public filings. But speaking at the Cisco Artificial Intelligence Summit in Palo Alto on Wednesday, Solomon said 95 percent of S1 filings — the form a company files with the U.S. Securities and Exchange Commission when it goes public — can be completed by artificial intelligence in a matter of minutes.

The increase in efficiency is significant considering it used to take a team of six people two weeks to complete the same task, Solomon said at the meeting. financial times.

Writing SEC filings is exactly what public and private companies of all sizes have historically relied on investment banks for advice. Investment banks often have deep financial and legal expertise and are able to properly handle the intricacies of financial transactions that must be reported to regulators. With the rise of artificial intelligence, investment banks such as Goldman Sachs are rethinking their value proposition to clients.

"The last 5 percent is important now because the rest are now commodities," Solomon said.

Goldman Sachs declined to comment.

Solomon's latest remarks are consistent with his past comments that one of Goldman's focuses on artificial intelligence is its ability to help employees work more efficiently. AI-driven “productivity is the ability to give smart people the tools so they can do more, do it faster, helping our customers think differently,” he told us CNBC in May.

Over the past few years, Goldman Sachs has been changing the makeup of its workforce to focus more on technology. Back in 2018, a quarter of Goldman Sachs employees were computer engineers. Solomon said 11,000 of the current 46,000 employees are engineers. That's about 23% of Goldman's workforce, meaning the firm's proportion of engineers has remained roughly the same during this period.

In 2023, when artificial intelligence is really booming in the corporate world with the launch of OpenAI's GPT-3.5 in November 2022, a war for talent has broken out among Wall Street's biggest banks, including Goldman Sachs, Citigroup, and Wells Fargo. Both sides hope to poach the other side's best engineering talents to enrich their own teams. The bank has also created a new executive position to oversee artificial intelligence across the organization.

The hiring frenzy means the pace of innovation on Wall Street will only accelerate. Goldman Sachs isn't the only bank making heavy use of artificial intelligence in its operations. JPMorgan Chase has a suite of in-house AI chatbots and AI models used for day-to-day tasks to help portfolio managers identify investment opportunities. Morgan Stanley has launched similar AI-powered tools to improve daily productivity, including one called "Debrief" designed for taking notes during client meetings. Meanwhile, Wells Fargo offers its retail customers a customer service AI chatbot.

This story originally appeared on Fortune.com