BlackRock employees couldn't tell ChatGPT-written memo from human work, says COO Robert Goldstein

BlackRock employees couldn't tell ChatGPT-written memo from human work, says COO Robert Goldstein

BlackRock, the world's largest asset manager, is embracing the power of artificial intelligence (AI) and its potential to boost productivity, with a recent experiment highlighting its capabilities. According to BlackRock COO Robert Goldstein, a strategy memo written by ChatGPT, a generative AI chatbot, was presented to company employees without them realising it was AI-generated.

Goldstein shared this anecdote during a discussion at the Future of Finance conference in New York, describing how the team tasked ChatGPT with writing an executive summary for a strategy memo intended for a board meeting. The resulting memo was then circulated among employees for feedback.

"The comments were typically things like, 'I hate the tone.' The comments were like, 'I think you're selling yourself short,'" Goldstein said. "No one realised it was actually written by a computer."

This experiment underscores BlackRock's bullish stance on AI, with CEO Larry Fink previously stating that investments in AI would lead to increased productivity and potentially higher wages. Fink believes AI can empower employees to "do more with less," ultimately benefiting the organisation.

However, not everyone shares this optimistic view. IMF Managing Director Kristalina Georgieva recently expressed concern over the potential impact of AI on the job market, warning of a "tsunami" of job displacement.

Georgieva emphasises the need for proactive preparation for the AI revolution, stressing the importance of managing its potential benefits while mitigating its risks, including the spread of misinformation and increasing societal inequalities.

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