Goldman Sachs CEO David Solomon says the rapid adoption of artificial intelligence (AI) across the firm will not reduce the need for employees but rather change the kind of talent the bank seeks.

Speaking to Axios ahead of the company’s 10,000 Small Businesses Summit in Washington, DC, Solomon said the technology would enhance productivity and create more opportunities for skilled professionals.

“We need more high-value people,” Solomon said. “We can afford more high-value people to expand our footprint and continue to grow and broaden our business.”

According to Solomon, AI will transform how analysts, associates, and investment bankers perform their duties, helping “productive people become even more productive.” He added that rather than shrinking its workforce, Goldman Sachs expects to grow its headcount over the next decade as the technology reshapes operations.

The bank is already implementing an AI-driven internal restructuring under its OneGS 3.0 initiative. In a memo to employees earlier this month, Goldman said it would introduce a “limited reduction in roles” as part of the transition, while also placing temporary limits on headcount growth through the end of the year.

A Goldman Sachs spokesperson told Business Insider that the firm still expects to end the year with a net increase in staff, noting that its global workforce expanded by 5% to around 48,000 employees in the third quarter.

Solomon explained that while AI will make some positions redundant, particularly in repetitive or back-office tasks, it will also allow the bank to expand into higher-value areas such as client engagement, strategic advisory, and software development.

“There are obviously things where we’re going to have a lot fewer people — but I’d love to have the capacity to go get more people to spend time with clients,” he said at a recent conference, emphasizing that automation will enable more human focus on relationship-building and innovation.

Investing in the AI Future

Goldman Sachs has spent $6 billion on technology this year, according to Solomon, who described the bank as evolving into “a much bigger enterprise.” The firm currently employs around 12,000 technologists, many of whom are working on integrating AI into functions such as risk management, compliance, trading, and software engineering.

Solomon said he expects AI to have the most immediate and visible impact in software development, where automation and large language models are already accelerating code writing and testing.

Speaking on CNBC’s Squawk Box last week, Solomon cautioned that the speed of AI adoption could introduce “volatility” across some job functions.

“The mix of engineers with this technology will again shift and change,” he said, adding that adaptability and technical fluency will become key traits for success in the firm’s next growth phase.

AI’s Expanding Role on Wall Street

Goldman Sachs is among several major Wall Street institutions aggressively deploying AI tools to streamline operations and enhance profitability. Banks, hedge funds, and asset managers are racing to incorporate machine learning into trading algorithms, market analytics, and customer relations, seeing the technology as central to future competitiveness.

Within the firm, executives view AI not as a cost-cutting measure but as a productivity multiplier that could help Goldman broaden its reach across global markets.

Solomon’s comments reinforce his broader message that AI will redefine, not replace, human capital at Goldman Sachs. He seems to believe that AI doesn’t mean fewer people, but rather means better people — people who can use these tools to drive growth.

As the bank heads into 2026, its challenge will be to balance short-term efficiency gains from automation with long-term investment in skilled personnel, a shift that could determine whether Goldman’s AI transformation strengthens its global dominance or simply reshuffles its workforce.

Apple announced that U.S. users will soon be able to create a digital ID using their passport in Apple Wallet, marking a significant step in the company’s expansion beyond payments into identity management.

The new feature, revealed by Jennifer Bailey, Vice President of Apple Pay and Apple Wallet, at the Money 20/20 USA conference, will allow travelers to use a verified passport-based digital ID at select TSA checkpoints for domestic air travel.

The functionality, first teased during the rollout of iOS 26, had not yet launched when the update debuted. Apple said the feature will arrive “in an upcoming software update,” positioning it as part of the company’s broader effort to make Wallet “a secure place for everything that represents you.”

Bailey said the feature “builds on the progress we’ve made with state-issued IDs,” referring to Apple’s ongoing partnerships with U.S. state governments. So far, 12 states and Puerto Rico have adopted support for digital driver’s licenses or state IDs in Apple Wallet—representing roughly a third of U.S. license holders.

A Timely Move Amid Real ID Enforcement

The timing of the announcement aligns with new Real ID enforcement rules that took effect in May, which require compliant identification for air travel within the United States. Many state-issued IDs that haven’t yet met Real ID standards can no longer be used at TSA checkpoints, making Apple’s digital passport ID an attractive alternative for frequent travelers.

Although the feature won’t replace a physical U.S. passport, Apple says it will streamline travel by allowing passengers to verify their identity through their iPhone or Apple Watch, alongside existing digital boarding passes in Wallet.

Bailey emphasized that the integration with TSA will enhance “speed, convenience, and security,” as travelers can move through checkpoints without needing to hand over physical documents.

Wallet’s Expanding Role Beyond Payments

At the conference, Bailey also detailed Apple Wallet’s growing ecosystem, describing it as a digital hub that now extends far beyond payments.

She noted that Apple Pay is now active in 89 markets worldwide, supported by more than 11,000 banks and networks, including 15 domestic payment networks in the U.S. In addition, 90% of U.S. retailers now accept Apple Pay, up from just 3% at its launch 11 years ago.

Wallet’s non-payment capabilities have also expanded rapidly. Users can already store car keys, transit passes, and hotel room keys in the app. Transit support now covers over 250 regions and 800 cities globally, while more than 2 million hotel room keys have been issued through the app, covering 65,000 hotel properties. Meanwhile, 29 car manufacturers and over 300 models support Apple’s Car Key feature, allowing drivers to unlock and start vehicles with their devices.

A Step Toward a Broader Identity Future

Apple’s forthcoming passport-linked Digital ID initiative underscores its ambition to make the iPhone central to personal identity in the digital era. Analysts say the move could position Apple as a key player in the identity verification space, an area increasingly important for travel, fintech, and government services.

The company has framed Wallet as part of a privacy-centric approach, with all identity data encrypted and stored securely on the user’s device rather than in Apple’s cloud systems.

The digital ID project could ultimately lay the groundwork for future integrations — such as access to government portals, health credentials, or global travel verification — placing Apple Wallet at the center of how users prove who they are, both online and in person.

JPMorgan Chase has made its first investment under a new $1.5 trillion national security fund, backing Perpetua Resources — the Idaho-based company developing the largest antimony mine in the United States.

Under the agreement signed Sunday and released on Monday, JPMorgan will invest $75 million of its own funds for a nearly 3% stake in Perpetua, marking a rare direct investment by the Wall Street giant in a mining operation. The transaction is expected to close on Tuesday.

The bank will also have the option to exercise $42 million in warrants within three years. According to data from LSEG, JPMorgan currently holds about 20,000 shares of Perpetua.

Antimony is a metal essential for national defense — used in bullets, night vision gear, solar panels, flame retardants, and microelectronics — yet the United States currently has no domestic source of it.

China, which produces and processes the majority of the world’s supply, halted antimony exports in late 2024, disrupting global markets and prompting Western governments to scramble for new supply chains.

Perpetua’s Idaho project, located about 138 miles north of Boise, will produce more than 35% of the U.S. annual antimony needs once fully operational by 2028. It will also generate about 450,000 ounces of gold annually, providing a dual revenue stream that can help stabilize operations against commodity market swings or geopolitical disruptions.

“This is all about putting America first again relative to the supply chain, in this case for critical minerals,” said Jon Cherry, CEO of Perpetua Resources.

The project, which has estimated reserves of 148 million pounds of antimony and 6 million ounces of gold, is backed by billionaire investor John Paulson and has bipartisan support. Both President Donald Trump and former President Joe Biden approved the necessary permits, underlining the project’s national importance.

The Perpetua deal is the first investment from JPMorgan’s Security and Resiliency Initiative, a $1.5 trillion program unveiled earlier this month to support industries vital to U.S. defense and energy independence.

“With this investment, we are supporting a company in an industry critical to national security and American resiliency, precisely the focus of our new initiative,” said Doug Petno, co-CEO of JPMorgan’s commercial and investment banking division.

JPMorgan CEO Jamie Dimon previously said the initiative was born out of a “painfully clear” realization that “the United States has allowed itself to become too reliant on unreliable sources of critical minerals.”

Broader Industry Partnerships

In a parallel move, Agnico Eagle Mines Ltd., a Toronto-based gold producer, announced a $180 million investment in Perpetua for a 6.5% stake, as well as plans to assist in the mine’s development.

Both investments were priced at Perpetua’s closing stock price last Friday.

The U.S. Export-Import Bank is also considering a loan package to support the project, as part of a broader government effort to strengthen domestic production of critical minerals.

However, Perpetua still needs a refining partner for its antimony output. The company is in talks with Glencore, Trafigura, Clarios, and Sunshine Silver and expects to finalize a deal by the end of the year.

However, the project faces legal challenges from the Nez Perce Tribe in Idaho, which has raised environmental concerns, including the mine’s potential impact on salmon populations in nearby rivers.

Perpetua has said it will continue discussions with tribal representatives and environmental regulators to ensure the project meets all standards for water quality and habitat protection.

What It Means for U.S. Industry

The Perpetua investment underscores Washington’s growing focus on economic security through mineral independence, an area where China’s dominance has long been viewed as a strategic vulnerability.

JPMorgan’s entry into resource funding is believed to represent a turning point in how Wall Street views mining — traditionally seen as high-risk — as now essential to national resilience.

The Perpetua project is expected to serve as a blueprint for public-private cooperation in critical mineral development, marking a new era of U.S. industrial policy that blends corporate investment, federal support, and strategic resource planning.

The United States and China have finalized an agreement on TikTok’s future, Treasury Secretary Scott Bessent announced on Sunday, marking the culmination of months of high-stakes negotiations that have dominated Washington–Beijing tech relations.

Bessent, speaking on CBS’ Face the Nation from Kuala Lumpur, said both sides had completed all outstanding details of the long-awaited deal, which will be formally concluded when U.S. President Donald Trump and Chinese President Xi Jinping meet in Korea later this week.

“We reached one in Madrid, and I believe that as of today, all the details are ironed out,” Bessent said. “That will be for the two leaders to consummate that transaction on Thursday in Korea.”

Bessent, who has spearheaded negotiations on behalf of the U.S. Treasury, declined to provide specifics of the agreement but said his primary goal — securing China’s approval for the transaction — had been achieved.

“My remit was to get the Chinese to agree to approve the transaction, and I believe we successfully accomplished that over the past two days,” he said.

The Structure of the Deal

The agreement follows a legislation signed by former President Joe Biden, requiring ByteDance, TikTok’s Chinese parent company, to divest its U.S. operations or face a nationwide ban. Trump had extended the deadline several times as both the U.S. and China negotiated the structure of the transaction.

Under the terms of the deal, TikTok’s U.S. operations — including its proprietary recommendation algorithm, source code, and content moderation systems — will be placed under a new board of directors based in the United States. Oracle, led by Trump ally Larry Ellison, will assume control of data security and infrastructure oversight to ensure compliance with U.S. national security requirements.

Investment firms, including Fox Corporation, Andreessen Horowitz, and Silver Lake Management, will hold equity stakes in the restructured TikTok entity, with Fox’s participation apparently confirmed by Trump in recent remarks. But the involvement of Fox — owner of Fox News and a long-time Trump media ally — is expected to draw scrutiny over potential conflicts of interest and political influence within the entertainment and social media industry.

The deal represents one of the most significant breakthroughs in the Trump administration’s tech and trade diplomacy with China since 2020, when the U.S. first moved to restrict Chinese technology firms over security concerns.

The White House has framed the TikTok agreement as a model for balancing economic engagement with digital sovereignty.

For China, the resolution comes amid intensifying scrutiny over its export controls on rare earth minerals. Chinese regulators had previously hesitated to approve ByteDance’s sale, citing sovereignty over its proprietary algorithms.

Weighing The Impact

Analysts say the finalized TikTok deal could serve as a template for how the U.S. manages Chinese-owned digital platforms operating on American soil. The arrangement — which retains ByteDance’s minority ownership but shifts operational control to a U.S.-based entity — could pave the way for a new regulatory model balancing foreign investment and national security oversight.

It is believed this could be the first truly hybrid tech governance structure between the U.S. and China, and if it works, could redefine how both countries handle cross-border data management in the future.

The deal also represents a political win for Trump, who has repeatedly promised to “make America the digital capital of the world.” His administration’s push for U.S. oversight of TikTok aligns with his broader strategy to repatriate digital infrastructure, boost domestic technology investment, and project U.S. influence in the global tech economy.

The final signing of the TikTok agreement is scheduled to coincide with the Trump–Xi summit in Seoul later this week. Both leaders are expected to hold a joint press briefing afterward, potentially unveiling details of the transaction and outlining next steps for implementation.

If approved and executed smoothly, the deal could end years of uncertainty over TikTok’s fate in the U.S. market, ensuring the platform’s continued operation while addressing Washington’s national security concerns.

For Beijing, the agreement allows it to preserve face by retaining some control over ByteDance’s intellectual property. Bessent said an official statement outlining the structure of the new TikTok entity will be released after the leaders’ meeting in Korea.