Goldman Sachs CEO on impact of LLMs to prepare IPO docs

To be clear, I tried to use a non-inflammatory title. (Maybe it could be re-written better.)

Original source:

    "Goldman Sachs chief David Solomon questions start-ups’ need to list" (https://www.ft.com/content/4f20fbb9-a10f-4a08-9a13-efa1b55dd38a)

Quote at the bottom:

    The bank now has 11,000 engineers among its 46,000 employees, according to Solomon, and is using AI to help draft public filing documents.

    The work of drafting an S1 — the initial registration prospectus for an IPO — might have taken a six-person team two weeks to complete, but it can now be 95 per cent done by AI in minutes, said Solomon.

    “The last 5 per cent now matters because the rest is now a commodity,” he said.

I know that HN runs very hot/cold about Goldman Sachs, but I was really taken aback when I read this. People who prepare IPO paperwork are well-paid lawyers and/or junior bank analysts -- no less than 100K USD per year total comp. This is real, undeniable disruption due to LLMs (even if I cringe when using the term "disruption"). Finally, I fully expect that the other major investment banks are doing the same: UBS, Morgan Stanley, Deutsche Bank, BAML, etc. The impact on law firms (who do a lot of the work for M&As) must also be immense.