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Goldman Sachs Begins Testing AI Engineer ‘Devin’ as Wall Street Embraces Agentic AI Revolution

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The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/Files

Goldman Sachs has taken a decisive leap into the future of software development, announcing the deployment of an autonomous artificial intelligence engineer known as Devin, developed by AI startup Cognition, in a move that could reshape how Wall Street firms approach technical operations.

Goldman’s Chief Information Officer Marco Argenti confirmed to CNBC this week that the bank is now actively testing Devin, with plans to initially roll out hundreds of these AI agents to support its 12,000 human engineers—and possibly expand the use to thousands, depending on its success.

“We’re going to start augmenting our workforce with Devin, which is going to be like our new employee who’s going to start doing stuff on the behalf of our developers,” Argenti said.

From Assistants to Agents

Unlike traditional AI assistants that help summarize emails or search databases, Devin represents a new wave of agentic AI—programs that don’t just assist but actually perform multi-step software engineering tasks independently. The AI agent operates as a full-stack developer, capable of writing, debugging, testing, and deploying code with minimal human intervention.

Demo videos from Cognition last year showcased Devin autonomously handling assignments that would typically require a team of human engineers. These include upgrading internal software systems, migrating legacy code, and developing entire applications from scratch.

From Buzz to Buy-In

Just over a year ago, firms like JPMorgan Chase and Morgan Stanley began cautiously introducing OpenAI-powered cognitive tools across their operations. Today, Goldman’s embrace of Devin reflects how fast the frontier has shifted from experimentation to integration.

At Goldman Sachs, Argenti noted that Devin’s productivity potential far exceeds the earlier generation of AI tools, claiming it could boost productivity by up to three or four times compared to previous systems.

“Initially, we will have hundreds of Devins, and that might go into the thousands,” he added, signaling that the firm sees this as a long-term investment in operational efficiency.

Goldman plans to deploy Devin to take over repetitive but essential coding tasks—like updating software to newer programming languages or refactoring legacy systems—allowing human engineers to focus on high-value, strategic innovation.

Wall Street Joins Silicon Valley in the AI Code Race

The adoption of AI coders isn’t unique to Goldman. Big Tech firms like Microsoft and Alphabet have reported that AI tools are already responsible for writing 30% of all code on major projects. At Salesforce, CEO Marc Benioff recently claimed AI now performs up to half of the company’s total work.

But Goldman Sachs’ deployment of Devin is especially symbolic: Wall Street’s most elite investment bank is no longer just investing in AI—it’s hiring it.

Supervised, But Autonomous

Despite its autonomous capabilities, Argenti emphasized that Devin will still operate under human oversight to ensure accuracy and avoid unintended errors.

“We see Devin not as a replacement, but as a multiplier,” said Argenti. “Our developers will now be managing AI counterparts, not competing with them.”

However, the expansion of AI “employees” raises broader questions about the future of work, especially for junior developers and operations staff whose tasks could increasingly be automated.

The move underscores a broader trend in finance and tech: AI is not just a tool—it’s becoming a co-worker.

With Devin, Goldman Sachs isn’t just testing the waters, it’s jumping headfirst into a future where Wall Street coders may be just as likely to review machine-generated code as they are to write it.

If successful, Devin’s rollout could inspire similar deployments across other major financial institutions, hastening the rise of AI-powered enterprise teams—and redefining what it means to “hire” in the age of intelligent machines.

You’re Losing’: JPMorgan’s Jamie Dimon Warns Europe as U.S., Asia Pull Ahead — Flags Risk of Market Complacency Over Trump’s Tariffs

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JP Morgan Chase puts contents through its CEO account, it goes viral. But the same content via JPMC account, no one cares (WSJ)

JPMorgan Chase CEO Jamie Dimon didn’t mince words during his speech at Ireland’s Department of Foreign Affairs, sounding alarm bells over Europe’s waning global economic clout and warning that complacency is setting in across global markets in the face of rising U.S. protectionism.

“You’re losing,” Dimon told officials in Dublin on Thursday, as reported by the Financial Times, pointing to Europe’s sharp economic divergence from the United States over the last decade and a half. “Europe has gone from 90% [of] U.S. GDP to 65% over 10 or 15 years. That’s not good.”

He attributed this decline to the continent’s failure to complete its single market ambitions and to consolidate its banking, fiscal, and capital market systems.

“We’ve got this huge, strong market and our companies are big and successful, have huge kinds of scale that are global. You have that, but less and less,” he said.

“Everything Should Be a Single Market”

Dimon emphasized the need for deeper European integration. Speaking to the Irish Examiner, he argued that “everything should be a single market” — including banking, regulation, transparency, and climate disclosure — if Europe hopes to compete with the scale and efficiency of the United States and China.

His remarks underscore long-standing frustrations among European policymakers who have repeatedly pushed for the bloc to eliminate internal trade barriers, harmonize corporate tax policies, and finalize banking and capital markets union — all of which remain incomplete decades after the eurozone’s formation.

Europe’s fragmented regulatory regimes, inconsistent tax codes, and sluggish policy execution have long been cited as obstacles to private investment. And in an increasingly multipolar world marked by geopolitical rivalry and economic nationalism, Europe’s vulnerabilities have become even more pronounced.

Dimon’s speech also touched on the continent’s loss of sovereignty in key sectors — from critical minerals to energy, satellite communications, and digital infrastructure — areas where China and the U.S. have made aggressive strategic plays.

Markets Shrug Off Trump’s Tariffs — For Now

Dimon also warned of another storm brewing: global financial markets appear dangerously indifferent to the inflationary risks posed by President Donald Trump’s new wave of tariffs, which include a 50% levy on Brazilian imports, a 50% tariff on copper, and a potential 200% duty on pharmaceuticals.

Despite the scale and scope of these trade barriers, U.S. stocks surged on Thursday, with the S&P 500 and Nasdaq Composite hitting record highs, driven by a bullish outlook on earnings and optimism around Federal Reserve rate cuts.

But Dimon is unconvinced.

“There is currently complacency in the markets,” he said, adding that investors have become “a little desensitized” to tariff announcements and are underestimating the threat they pose to inflation and interest rates.

According to Dimon, the chances of the Fed raising rates again are far greater than the market currently believes.

“The market is pricing a 20% chance [of a rate hike], I would price in a 40-50% chance. I would put that as a cause for concern,” he said.

His warning echoed earlier remarks from last month, where he cautioned that the U.S. economy is showing signs of softening and may face a downturn in the coming months, particularly if inflation flares up again.

Europe at a Crossroads

Although investor sentiment toward Europe has turned more positive in 2025 — thanks to Germany’s proposed fiscal stimulus, rising defense budgets, and a period of relative political stability — the region’s long-term competitiveness remains in question.

Private equity and institutional investors have begun eyeing value plays across the eurozone, viewing it as a hedge against the White House’s erratic policy swings. But as Dimon points out, temporary market performance is no substitute for structural reform.

The EU’s inability to finalize a tariff agreement with the U.S. further clouds the outlook. With Washington doubling down on protectionism and China investing heavily in industrial self-sufficiency, the EU now finds itself at a strategic inflection point — caught between two superpowers and at risk of becoming economically peripheral.

Dimon’s Verdict: Wake-Up Call for Brussels

Dimon’s comments are not merely a rebuke; they are a challenge to European leaders to act with urgency. For too long, Europe’s economic architecture has remained incomplete — unable to match the scale and agility of its global peers.

Now, with Trump’s tariffs threatening global trade flows, inflation risks returning to the spotlight, and the continent’s energy and tech dependencies more visible than ever, the time for half-measures may be over.

The message from Wall Street’s most powerful banker is unambiguous: Europe must finish what it started or risk becoming a geopolitical spectator in a world increasingly defined by speed, scale, and strategy.

NNPCL May Sell Warri, Port Harcourt, and Kaduna Refineries as Pressure for Full Privatization Mounts

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The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has stated that the sale of the country’s non-performing refineries, including those in Warri, Port Harcourt, and Kaduna, remains a possibility as the company undertakes a comprehensive review of its downstream operations.

Ojulari made this known in an interview with Bloomberg on the sidelines of the 9th Organization of Petroleum Exporting Countries (OPEC) International Seminar in Vienna on Thursday. According to him, despite significant investments and technological interventions in the past, the refineries have proven more complicated to revive than previously anticipated.

“We’ve made quite a lot of investments in our refineries over the last several years and brought in a lot of technology. We’ve been challenged – some of those technologies have not worked as expected so far,” he said. “When you are refining a very old refinery that has been abandoned for some time, what we found is that they are a little bit more complicated.”

He added that a full review of NNPCL’s refining strategy would be concluded before the end of 2025 and that all options—including outright sale—remain on the table.

“Sale is not out of the question. All the options are on the table. But that decision will be based on the outcome of the review,” he added.

Mounting Pressure for Privatization

Ojulari’s comments come at a time when pressure is intensifying for the government to permanently exit refinery ownership. Earlier this month, the Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadiri, urged the Federal Government to fully privatize the state-owned refineries, which he described as “symbols of waste, inefficiency, and entrenched mismanagement.”

“Those four refineries are a pure drain on the Nigerian economy, and it is not fair to the Nigerian people,” Ajayi-Kadiri said. “The government should just sell these refineries. Give them to private sector people who will run them efficiently and be able to deliver. When something belongs to everybody, it belongs to nobody.”

His remarks echoed the widespread frustration over the decades of failed promises to revive the facilities. Over the years, the government has poured more than $3 billion into the Port Harcourt, Warri, and Kaduna refineries without delivering any meaningful output.

In 2021 alone, the Port Harcourt refinery was awarded a $1.5 billion rehabilitation contract, while an additional $1.48 billion was earmarked for Warri and Kaduna refineries. That same year, NNPC confirmed it had spent over N100 billion on repairs, despite the fact that the refineries refined zero barrels of crude.

The refineries have remained inactive for years, even as Nigeria—Africa’s top oil producer—continues to rely almost entirely on imported petroleum products, spending billions in scarce foreign exchange and subjecting consumers to endless cycles of fuel scarcity.

“We are the sixth-largest producer of crude oil in the world, yet we suffer,” Ajayi-Kadiri said. “If you completely go private, it will be difficult for anyone to steal. It will be difficult to be unaccountable.”

New Approach to Pipeline Security

In the same interview, Ojulari highlighted the NNPCL’s revamped approach to oil infrastructure security. He said the company now works directly with host communities and local vigilante groups, in partnership with state security forces, to protect oil pipelines.

“It wasn’t a quick fix. It took several years to get the government’s policies aligned. But what we have now is more sustainable,” he said. “Security is now driven by the communities, far more than what we had before.”

Crude Supply to Dangote Refinery to Remain Commercial

Ojulari also addressed concerns about supplying crude to the Dangote Refinery, stressing that there would be no government compulsion in the arrangement.

“First of all, Dangote refinery is a commercial investment, not a national one. It has the flexibility to import crude for its survival and also has the flexibility to serve all customers,” he said. “So, if Nigeria is going to supply more crude to the Dangote refinery, it will be on a commercially willing buyer, willing seller basis—not because it is a policy.”

Nigeria Targets 1.9mbpd by End of 2025

Ojulari revealed that Nigeria is ramping up production efforts, with a goal to hit 2.06 million barrels per day by 2027. As of March, production stood at 1.56 million barrels per day; it now hovers around 1.63 million, including condensates. He projected an increase to 1.9 million barrels per day by the end of 2025.

On gas, he disclosed that Nigeria plans to grow output from 7 billion cubic feet to 10 billion cubic feet per day by 2027.

Why This Matters

The NNPCL’s strategic shift comes amid years of public disappointment with its downstream operations, especially the prolonged failure to revive Nigeria’s refineries. With the Dangote Refinery now coming on stream and the government advocating a market-led petroleum industry, many believe the time has come to cut losses and exit refinery ownership entirely.

Ojulari’s remarks signal that such a move may no longer be off the table—though Nigerians remain skeptical, having heard similar promises before. Whether the latest review leads to real reform or simply another cycle of bureaucracy remains to be seen.

Knowledge: A Factor of Production [Podcast]

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This video podcast passionately argues for the reclassification of knowledge as a primary factor of production, alongside land, entrepreneurship, labor, and capital. The speaker underscores this point by highlighting the intense competition among leading technology companies like Meta and Google in the AI era. These companies are not merely acquiring technology or code but are strategically recruiting top talent and integrating knowledge systems, recognizing that the true asset lies within the minds of individuals and the collective intelligence they bring.

The podcast illustrates this with concrete examples: Meta’s aggressive hiring from Apple and its integration of talent from Scale AI and Safe Super Intelligence (co-founded by OpenAI team members), and Google’s swift acquisition of the CEO and R&D team from Windsurf. These actions demonstrate a clear focus on securing “people with the knowledge,” emphasizing that new code can always be built, but the underlying intellectual capital is irreplaceable.

A key characteristic of knowledge highlighted is its unique scalability – it “grows when shared,” making it the most scalable factor of production. This contrasts with the finite nature of traditional factors. Knowledge is presented as a catalytic force that will “change the trajectory of the 21st century,” driving productivity more effectively than physical resources. It is deeply “embedded in people, systems, institution,” manifesting as applied intelligence through innovation. Furthermore, knowledge is the “fuel” for the digital economy, with AI at its core, as algorithms (codified knowledge) drive modern economic activities.

The lecture also clarifies the “duality” of knowledge: it serves both as a “tool” that facilitates new creation and innovation, and as a “product” that can be bought and sold, becoming a valuable commodity in itself. This dual role makes it a central element in the production process.

The broader implications of knowledge as a factor of production are far-reaching. It is seen as a creator of “abundance” and “multiplicity,” opening diverse paths for growth. It generates “leverages” that can fundamentally “shape the destinies of nations,” with firms that prioritize knowledge consistently outperforming their peers. The lecture concludes by asserting that wealth now accumulates where knowledge is best applied, making its acquisition a crucial pursuit for individuals and nations alike in the 21st century.

Download the podcast summary here.

Watch the podcast at Blucera.com.

How To Listen to Tekedia Daily

At Blucera, home of Blucera WinGPT (AI personal educator and coach), eVault Legal Custodial services (store vital personal, family and business documents securely), business tools to grow enterprises, and global archives of Tekedia courses and libraries, Ndubuisi Ekekwe podcasts every week day. Some Tekedia Institute programs offer bonus access to Tekedia Daily or one can register at Blucera for the podcast.

Microsoft Reaps $500M Saving Through AI Amid Significant Layoffs

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Microsoft is reaping massive financial rewards from its investment in artificial intelligence, after the company revealed that last year it saved over $500 million in its call center operations alone.

This milestone, highlighted by the company’s Chief Commercial Officer Judson Althoff, underscores how AI tools drive major productivity gains across departments from customer service to software engineering.

However, the announcement has stirred reactions, coming just days after Microsoft laid off more than 9,000 employees in its third round of job cuts this year. For some, it appeared as though the company was celebrating financial gains while thousands of workers faced job loss.

For laid-off employees, hearing about massive AI-driven savings shortly after losing their jobs felt like a stark reminder that their roles might have been replaced by automation. Also, with nearly 15,000 workers affected so far in 2025 and the company posting record profits, many are questioning the cost of innovation and who ultimately bears it.

A post on X reads,

“Microsoft’s $500M ‘savings” from AI-driven layoffs expose a brutal truth: Corporations slash jobs for profit”.

The tension intensified after a now-deleted LinkedIn post by Xbox Game Studios producer Matt Turnbull, who suggested that those “overwhelmed” by Microsoft’s layoffs could turn to AI tools like ChatGPT and Copilot to manage the emotional toll.

While Microsoft frames its actions as necessary for innovation and competitiveness in the AI race, critics argue that the company’s approach prioritizes profits over people, raising ethical questions about the future of work in an AI-driven economy.

Meanwhile, Microsoft’s President Brad Smith has stated that AI was “not a predominant factor” in the layoffs, the significant role of AI in achieving cost savings led to speculation that automation directly contributed to job cuts. AI tools, such as Microsoft’s Copilot and ChatGPT, are being used extensively in sales, customer support, and software development, with AI generating 35% of code for new products and handling interactions with smaller customers.

This has fueled concerns that AI is quietly replacing human labor, particularly in technical roles like software engineering, where over 40% of layoffs in Washington state affected engineers.

It remains unclear whether these job cuts are part of broader cost-cutting measures, post-pandemic restructuring, or a direct result of AI-driven automation. What is clear is the uneasy optics of mass layoffs during one of Microsoft’s most profitable quarters ever. The company reported $70 billion in revenue and $26 billion in profit for the quarter, with its market valuation reaching $3.74 trillion, surpassing Apple and trailing only Nvidia.

Microsoft has made clear where its future investments lie. In January, the company announced plans to spend $80 billion on AI infrastructure in 2025 alone. While hiring in AI-related roles continues, there’s a growing perception that Microsoft is more willing to invest heavily in elite AI talent than in retaining broader segments of its workforce.

The controversy surrounding Microsoft’s AI-driven savings and layoffs is rooted in the stark contrast between its financial success and workforce reductions, the perceived insensitivity of executive remarks, and broader anxieties about AI’s impact on jobs.

As Microsoft doubles down on AI innovation, the company faces a difficult balancing act: celebrating technological progress and profitability without alienating employees and the public in the process.