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President Trump re-designated the Houthis as a foreign terrorist organization (FTO) on Wednesday, four years after his first administration made an identical move.

In an executive order signed on Wednesday, Trump said that the terrorist group ‘threaten[s] the security of American civilians and personnel in the Middle East, the safety of our closest regional partners, and the stability of global maritime trade.’

‘Supported by Iran’s Islamic Revolutionary Guard Corps Quds Force (IRGC-QF), which arms and trains terrorist organizations worldwide, the Houthis have fired at U.S. Navy warships dozens of times since 2023, endangering American men and women in uniform,’ the order noted.

Trump also documented that ‘numerous’ attacks that the terrorist group has conducted over the years, including ‘multiple attacks on civilian airports in Saudi Arabia, the deadly January 2022 attacks on the United Arab Emirates, and more than 300 projectiles fired at Israel since October 2023.’

‘The Houthis have also attacked commercial vessels transiting Bab al-Mandeb more than 100 times, killing at least four civilian sailors and forcing some Red Sea maritime commercial traffic to reroute, which has contributed to global inflation,’ the order added.

Trump administration designated the Houthis as an FTO in January 2021. In a Wednesday press release, the White House noted that the Biden administration immediately reversed it.

‘As a result of the Biden administration’s weak policy, the Houthis have fired at U.S. Navy warships dozens of times, launched numerous attacks on civilian infrastructure in partner nations, and attacked commercial vessels transiting Bab al-Mandeb more than 100 times,’ the White House said on Wednesday.

‘The Executive Order directs the Secretary of State, in consultation with others, to recommend the re-designation of the Houthis within 30 days.’

Though the Biden White House removed the FTO designation in January 2021, Biden did name the Houthis as a Specially Designated Global Terrorist (SDGT) entity last week. That designation is considered a lower grade than an FTO.

Then-State Department spokesperson Matthew Miller defended the move in a press conference, claiming that the Houthis recently launched attacks on cargo ships in the Middle East – though the group has targeted commercial ships for years.

‘The Houthis were procuring military equipment long before that designation and they continued to procure it in the year since,’ Miller explained. ‘What’s changed as we have seen them launching attacks on commercial shipping in the Red Sea, something that wasn’t the case in 2021. And that’s why we decided it was important to take this step. ‘

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Gavin DeGraw shared photos of himself performing at the Starlight Ball Monday night after the inauguration of President Donald Trump. 

‘Proud to support free speech, healthy food, and ending ‘forever wars,’’ he wrote on X. ‘Nice to have a businessman running the largest economy in the world again. I love a good party, Mr. President @realDonaldTrump.

‘Let’s do the next one on Mars @elonmusk. God Bless America,’ DeGraw wrote with an American flag emoji, adding, ‘Don’t tread on me.’

‘Nice to have a businessman running the largest economy in the world again.’

— Gavin DeGraw

The Starlight Ball was the third of three balls that Trump attended after his inauguration Monday. 

Rascal Flatts, Parker McCollum, Kid Rock and Billy Ray Cyrus performed at the Commander in Chief Ball the same night, and Jason Aldean, the Village People and Nelly entertained at the Liberty Ball. 

DeGraw is probably best known for his 2003 hit ‘I Don’t Want to Be,’ which became the theme song for the millennial teen show ‘One Tree Hill.’

DeGraw generally stays away from politics on social media, mostly posting about his music. 

He also performed at ‘The Fourth in America’ concert in July, saying he was ‘honored’ to entertain for the patriotic show. 

Other stars who performed at Trump’s inaugural events included Carrie Underwood and Lee Greenwood. 

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The U.S. Department of Justice (DOJ) sent a memo to its civil rights division, ordering a freeze to all ongoing litigation originating from the Biden administration and halting the pursuit of any new cases or settlements, according to reports.

The Washington Post first reported that a memo sent to Kathleen Wolfe, the temporary head of the division appointed by the Trump administration, instructed her to make sure attorneys do not file ‘any new complaints, motions to intervene, agree-upon remands, amicus briefs, or statements of interest.’

As to how long the freeze will last, the memo does not say, though it practically ceases the division until President Donald Trump’s nomination to lead the department, Harmeet Dhillon, is confirmed by the Senate.

The publication also reported the freeze was ‘consistent with the Department’s goal of ensuring that the Federal Government speaks with one voice in its view of the law and to ensure that the President’s appointees or designees have the opportunity to decide whether to initiate any new cases.’

A source familiar with the memo confirmed its contents to Fox News.

The DOJ had no comment on the matter.

Wolfe was also told in another memo that the division must tell the chief of staff of the DOJ about any consent decrees finalized by the division over the past 90 days.

Earlier this month, a Kentucky judge declined to immediately sign a police reform consent decree forged by the DOJ and the city of Louisville during a hearing one courtroom participant described as a hasty attempt by the Biden administration to hamstring incoming President Trump.

But federal Judge Benjamin Beaton refused to be a ‘rubber stamp’ for a 240-page reform plan prompted by the 2020 police-involved shooting of Breonna Taylor, according to Oversight Project counsel Kyle Brosnan.

Taylor was killed in a hail of police gunfire after Louisville officers sought to serve a drug warrant at her boyfriend Kenneth Walker’s house. Walker fired a ‘warning shot’ through the door and struck Officer Jonathan Mattingly in the leg.

A consent decree, Brosnan noted, is different from other legal agreements in that it cannot simply be reversed by presidential order or a change of heart by one of the parties involved.

The consent decree alleged a pattern or practice of racial bias in Louisville policing, including in traffic stops, sexual assault probes or use of force.

There are at least two other police reform consent decrees going through the legal process, one in Maryland and one in Minnesota.

On Jan. 6, the DOJ reached an agreement with Minneapolis, which still requires court approval, to reform the department’s ‘unconstitutional and unlawful practices’ allegedly counter to the Americans With Disabilities Act and 14th Amendment.

In October 2024, the feds sued the Maryland Department of State Police alleging Civil Rights Act violations.

‘The United States claims MDSP violated Title VII when it used a certain physical fitness test and a certain written test to hire entry-level Troopers because the tests disqualified more female and African-American applicants than others and were not job related,’ a court document states. 

Maryland police dispute the allegations.

Fox News Digital’s Charles Creitz contributed to this report.

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Fox News host Sean Hannity revealed he told President Donald Trump after the 2020 election loss that a return to the White House four years after the Biden administration would be ‘bigger’ than a consecutive win, comparing it to Winston Churchill’s return as prime minister following World War II.

‘Maybe I shouldn’t disclose this, but I will, and it was after the 2020 election, and you asked me a question. And we’ve known each other for 30 years, so we have a friendship and we have a professional relationship,’ Hannity said in his exclusive interview with Trump on Wednesday. 

‘And the question you asked me, ‘maybe in the end, it will be better that if I came back in four years.’ And we talked about history. After World War Two, Winston Churchill was thrown out, but they brought him back. Grover Cleveland, the only other American president that did not serve consecutive terms,’ he continued. 

Churchill served as prime minister twice, from 1940-1945 and again from 1951 to 1955. Trump is the second U.S. president to serve two, non-consecutive terms behind President Grover Cleveland, the nation’s 22nd and 24th president. 

Hannity explained that he believed ‘it would be bigger if you came back.’ Trump agreed that it’s already shaping up that way after three days in office. 

‘It’s turning out to be bigger. And I think one thing is happening is people are learning that they can’t govern and that their policies are terrible. I mean, they don’t want to see a woman get pummeled by a man in a boxing ring?’ he said. 

Trump sat down for his first interview in the White House on Wednesday after he was sworn in as the 47th president on Monday. 

‘They don’t want to see men in women’s sports … They don’t want to have transgender for everyone. They don’t want a child leave home as a boy and come back two days later as a girl. A parent doesn’t want to see that, and there are states where that can happen. They don’t want to see taxes go through the roof like this,’ he continued. 

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Newly sworn-in Secretary of State Marco Rubio will travel to Panama for his first international trip as the nation’s top diplomat, Fox News has learned. 

Though details are still being worked out, the visit could come as early as next week. 

The planned trip comes after repeated vows by President Donald Trump – who returned to the White House on Monday – to take back the Panama Canal.

Trump mentioned the Panama Canal again during his inaugural address on Monday, claiming that it was now in the hands of China and vowing to take it back. 

‘China is operating the Panama Canal. And we didn’t give it to China, we gave it to Panama, and we’re taking it back,’ Trump said. 

Panamanian President José Raúl Mulino responded forcefully to Trump’s comments on Wednesday saying, ‘we reject in its entirety everything that Mr. Trump has said. First, because it is false and second, because the Panama Canal belongs to Panama and will continue to belong to Panama.’  

The U.S. built the canal in the early 1900s under then President Theodore Roosevelt as it looked for ways to facilitate the transit of commercial and military vessels between its coasts. Washington relinquished control of the waterway to Panama on Dec. 31, 1999, under a treaty signed in 1977 by then President Jimmy Carter. 

News of Rubio’s trip was first reported by Politico and could include other Central American countries like Guatemala and El Salvador, where Rubio is expected to address a top priority of curbing mass migration that he outlined earlier this week. 

State Department spokeswoman Tammy Bruce tells Fox News that ‘Secretary Rubio is prioritizing the region because it’s where we live,’ adding ‘we won’t continue to ignore the region as other administrations have.’ 

She added: ‘Engaging with our neighbors is a vital element in addressing migration, supply chains, and economic growth, which are key to Secretary Rubio’s pursuit of foreign policy focused on making America strong, prosperous, and safe.’

Fox News Digital’s Adam Shaw and The Associated Press contributed to this report. 

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President Donald Trump’s Republican allies in the House say he is better positioned than ever to enact his legislative agenda, entering the White House armed with nearly a decade’s worth of knowledge about Washington.

‘The first time, he was a great businessman, but he didn’t know Washington. He’s got it down now,’ said Rep. Jeff Van Drew, R-N.J., a close ally of Trump’s who switched parties to better align with him during his first term. ‘He’s totally prepared for this. Last time he was learning. He’s learned. He’s ready to go.’

Multiple House GOP lawmakers who served in Congress during Trump’s first term described a man who is returning to D.C. both with a triumphant electoral victory and a sharp understanding of how Capitol Hill and the wider D.C. network works.

Several said the changes are manifesting in his and his team’s near-constant communication with Republican lawmakers and in the people he’s hiring for his team.

‘He knows now that Washington is generally going to push back, and they’re going to do what they want to do — whether you call it the deep state or the establishment or the uniparty. I think he’s very aware, and I think he’s comporting his actions to address those issues,’ said Rep. Scott Perry, R-Pa. ‘He understands that personnel is policy, so he’s trying to get the right people in place, not because they’re loyal to him, but because they’re loyal to the agenda that the people want.’

Within hours of being sworn in Monday, Trump held public events where he signed dozens of executive orders to enact promises he made on the campaign trail.

All the while, he’s stayed in close contact with Speaker Mike Johnson, R-La., and Senate Majority Leader John Thune, R-S.D., as well as summoning a flurry of House Republicans to Mar-a-Lago earlier this month to discuss the GOP agenda.

Rep. Marlin Stutzman, R-Ind., a former founding member of the House Freedom Caucus who served in the House from 2010 to 2017 and who is back for another term, noticed a marked difference from former Speaker Paul Ryan’s era.

‘It didn’t seem he and Speaker Ryan were on the same page coming into Congress. I saw them have discussions about the election and rallies, and they just had different perspectives, which I think is unfortunate because it was a real missed opportunity for a lot of things to be done,’ Stutzman said.

‘This time, he knows Washington, he has a great team he’s pulling together and I think his team will be that much more disciplined and focused on the four-year window to get as much done as possible.’

Rep. Gary Palmer, R-Ala., a former member of House GOP leadership, also remarked on Trump’s focus on Congress.

‘His first term was clearly a populist campaign. He had really smart people, but they didn’t have any congressional experience,’ Palmer said. ‘That’s not happening now. They’ve worked very closely with us. I feel like we’re all on the same page about what needs to be done.’

Freshman Rep. Jeff Crank, R-Colo., who had been a talk radio host before his political career, noted that the media environment Trump walked into had been a more receptive one compared to 2016.

‘He sort of broke the media complex. He seemed like – the media folks who in 2016 were resisting him, now they’ve realized, ‘Well, maybe this was censorship that we were doing, and that’s maybe not the best thing for our business model,’’ Crank said. ‘But, whatever it is, they’ve sort of joined up with him, right, in a lot of ways.’

A significant part of Trump’s D.C. education came during the four years he was out of office, Rep. Darrell Issa, R-Calif., a longtime ally, said. But he and others agreed that, at his core, Trump has not changed.

‘There’s no question that he is better than had he raced into a second term. He is the same man, though. He knows what he believes,’ Issa said.

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Democratic lawmakers grilled President Donald Trump’s pick to lead the Office of Management and Budget (OMB) on a series of issues Wednesday, ranging from abortion to the constitutionality of the Impoundment Control Act. 

While Republicans argue that Russell Vought is qualified for the role because he served as Trump’s OMB director during the president’s first term, Democrats like Senate Minority Leader Chuck Schumer, D-N.Y., have labeled Vought an ‘ultra-right’ ideologue. 

Vought appeared before the Senate Budget Committee on Wednesday for a confirmation hearing and defended his previous statements that the Impoundment Control Act is unconstitutional — an issue Democrats claim should disqualify him from leading the Office of Management and Budget.

The law, adopted in 1974, stipulates that Congress may oversee the executive branch’s withholding of budget authority, and affirmed that Congress holds the power of the purse. Ultimately, the law bars the executive branch from circumventing Congress and withholding appropriated funds.

The first Trump administration and Vought have come under fire after the Office of Management and Budget held up $214 million in military aid for Ukraine in 2019, a decision that ultimately led to Trump’s first impeachment.

‘You’re quite comfortable assuming that the law doesn’t matter and that you’ll just treat the money for a program as a ceiling… rather than a required amount,’ Senate Budget Committee ranking member Jeff Merkley said. ‘Well, the courts have found otherwise.’

Additionally, the Supreme Court also ruled in 1975 that the executive branch cannot impound funds without congressional oversight. 

In that case, Train v. City of New York, the Supreme Court determined the Environmental Protection Agency must use full funding included in the Federal Water Pollution Control Act Amendments of 1972, even though then-President Richard Nixon issued orders not to use all the funding. 

Lawmakers have pointed to this case in Vought’s confirmation hearings as further evidence that the executive branch cannot tie up funding Congress has approved. 

Even so, Vought told lawmakers in multiple exchanges he believes the Impoundment Control Act is unconstitutional, because presidents historically could spend less than what Congress had approved prior to the Impoundment Control Act, and that Trump campaigned on that position.

Democrats aren’t the only ones worried about Vought’s views on the Impoundment Control Act. Senate Budget Committee chair Sen. Lindsey Graham, R-S.C., said he also shared some concerns and would disclose them at a markup hearing for Vought’s nomination. 

Vought also faced questioning on his views regarding abortion, given his connection as an author of Project 2025, a political initiative The Heritage Foundation released in 2023 that called for policy changes, including instituting a national ban on abortion medication. 

Other proposals included in Project 2025 include eliminating the Department of Education, cutting DEI programs, and reducing funding for Medicare and Medicaid. 

‘You have said that you don’t believe in exceptions for rape, for incest, or the life of the mother,’ said Democratic Sen. Patty Murray of Washington. ‘Is that your position?’

‘Senator, my views are not important. I’m here on behalf of the president,’ Vought said. 

Trump has repeatedly stated that he backs abortion in certain instances, and stated that ‘powerful exceptions’ for abortion would remain in place under his administration.

Meanwhile, Sen. Bernie Sanders, I-Vt., pressed Vought on whether healthcare is a ‘human right.’ Sanders has previously introduced legislation called the Medicare for All Act that would establish a federal, national health insurance program. 

‘Do you think we should join every other major country on Earth and say, ‘You know what? Whether you’re poor, you’re rich, you’re young, you’re old, healthcare is a human right,’’ Sanders said. ‘We have the richest country in the history of the world. Do you think we should do what every other major country on Earth does?’

Vought declined to disclose specifics, but said that he believed it’s critical to provide ‘legitimate, evidence-based outcomes for people within the healthcare system, and to make sure that we tailor all of the dollars that are spent toward that.’ 

After serving as director of the Office of Management and Budget under the first Trump administration, Vought founded the Center for Renewing America in 2021. The organization claims its mission is to ‘renew a consensus of America as a nation under God,’ according to its website. Vought also served as the vice president of Heritage Action for America. 

Meanwhile, Senate Minority Leader Chuck Schumer, D-N.Y. said his meeting with Vought only exacerbated his concerns about the nomination. 

‘I walked out of the meeting even more deeply troubled,’ Schumer said on the Senate floor on Wednesday. ‘Of all the extremists President Trump could have picked for OMB, he picked the godfather of the ultra-right.’

Vought has repeatedly told lawmakers that he would uphold the law and that his personal views aren’t important — carrying out Trump’s vision is what matters. 

The OMB is responsible for developing and executing the president’s budget, as well as overseeing and coordinating legislative proposals and priorities aligned with the executive branch. 

The Associated Press contributed to this report.

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Buckle up. 

President Donald Trump is back in the White House and moving at warp speed.

In his inauguration address, the new president vowed that things across the country would ‘change starting today, and it will change very quickly.’

And moments later, White House deputy chief of staff Taylor Budowich took to social media to tease, ‘Now, comes SHOCK AND AWE.’

They weren’t kidding.

Trump signed an avalanche of executive orders and actions in his first eight hours in office, which not only fulfilled major campaign trail promises, but also allowed the returning president to flex his executive muscles as well as settle some longstanding grievances.

The president immediately cracked down on immigration, moved towards a trade war with top allies and adversaries, reversed many policies implemented by former President Biden, including scrapping much of the previous administration’s federal diversity actions and energy and climate provisions.

He also sparked a major controversy by pardoning or commuting the sentences of roughly 1,500 supporters who took part in the Jan. 6, 2021 attack on the U.S. Capitol in an unsuccessful attempt to upend congressional certification of Biden’s 2020 election victory. Among those whose sentences were commuted included some who violently assaulted police officers on one of America’s darkest days.

Trump also fired some top government officials, made a high-profile half-trillion dollar tech investment announcement, held unscripted and wide-ranging, informal, and impromptu news conferences during his first two days back at the White House, and even renamed the Gulf of Mexico the Gulf of America.

‘I think it’s brilliant how they’ve been handling it, to immediately meet the moment with action. It’s exactly what he needs to do and its exactly what the people voted for,’ veteran Republican strategist Kristin Davison told Fox News.

‘Americans vote for decisive, fast action, and true leadership. And Trump understands that more than anyone. I think he and his team knew how important it was out the gate to show that they heard what the people wanted and are answering with leadership,’ Davison argued.

Longtime Republican consultant Alex Castellanos agreed

‘He’s flooding the zone. He’s making a case for action. He’s demonstrating action. He is rallying a wave of American support for a massive transformation of government,’ Castellanos, a veteran of numerous GOP presidential campaigns, told Fox News. 

Seasoned Democratic strategist Joe Caiazzo didn’t dispute Trump’s frenetic actions.

‘The pace of this shouldn’t be surprising to anyone. Trump made it abundantly clear he was going to act quickly, he was going to act boldly, and he was going to do exactly what he told voters he would do,’ Caiazzo said.

But he argued that ‘the things he is doing is going to directly negatively impact working families from coast to coast. It’s also a signal he has no respect for the rule of law.’ 

Asked if Trump’s actions were what Americans voted for this past autumn, Caiazzo replied ‘of course not. What Americans voted for was cheaper groceries. What Donald Trump is going to give us is a litany of policies that work to deteriorate our institutions, that work to enrich the wealthy and solidify his standing among the oligarchy in this country.’

There’s another reason for Trump’s fast pace – even though he’s the new president, he’s also a term-limited and lame-duck president. And by Labor Day, much of the political world will start looking ahead to the 2026 midterm elections.

‘This is his second term. He’s got to move quickly,’ Davison emphasized.

Trump’s show of force in the opening days of his second administration is also in contrast to eight years ago, when he first entered the White House.

The president and his team are much more seasoned the second time around, and the supporting cast is intensely loyal to Trump.

‘In the past administration, there would be logjams and bottlenecks because there were people who didn’t agree with him,’ a senior White House source told Fox News. ‘Now we have a whole infrastructure and staff that’s built around him, in support of him. When he says something, it’s getting done. It’s testament to him and the team that he built.’

Credit is also being given to White House chief of staff Susie Wiles, who, as co-campaign manager of Trump’s 2024 presidential bid, kept the trains on the tracks.

‘What Susie has done is look at the totality of Trump and found the best players and put them in the best positions to support the president. Trump is surrounded by Trump people who’ve all proven themselves over the years not just to be loyal but ultra-competent operators,’ added the adviser, who asked for anonymity to speak more freely.

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Bank of America CEO Brian Moynihan said Tuesday that the U.S. banking industry will embrace cryptocurrencies for payments if regulators allow it.

The head of the second largest U.S. bank by assets was asked by CNBC’s Andrew Ross Sorkin about how the industry’s approach to crypto could change given President Donald Trump’s enthusiasm for digital currencies.

“If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it,” Moynihan said in an interview at the World Economic Forum in Davos, Switzerland.

American banks have largely avoided letting customers use crypto for retail transactions, although their institutional trading and wealth management arms have participated in markets for bitcoin ETFs. Leaders in the industry, including JPMorgan Chase CEO Jamie Dimon, have lambasted bitcoin as a currency for criminals and fraudsters.

“If you go down the street here and you go in and buy lunch, right, if you can pay with Visa, Mastercard, a debit card, Apple Pay, etc, this would just be another form of payment,” Moynihan explained. “We have hundreds of patents on blockchain already, we know how to enter the field.”

The veteran Bank of America CEO didn’t address the idea of cryptocurrencies like bitcoin as an investment or store of value, saying it is “really a separate question.”

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Goldman Sachs is rolling out a generative AI assistant to its bankers, traders and asset managers, the first stage in the evolution of a program that will eventually take on the traits of a seasoned Goldman employee, according to Chief Information Officer Marco Argenti.

The bank has released a program called GS AI assistant to about 10,000 employees so far, with the goal that all the company’s knowledge workers will have it this year, Argenti told CNBC in an exclusive interview. It will initially help with tasks including summarizing or proofreading emails or translating code from one language to another.

“Think about all the tasks that you might want to complete with regards to a variety of use cases for all those professions that can be now at your fingertips,” Argenti said. The Goldman assistant is a “very simple interface that allows you to have access to the latest and greatest models.”

Goldman’s move means that, along with JPMorgan Chase and Morgan Stanley, the world’s top three investment banks have aggressively released generative AI tools to their workforce, a remarkable development since ChatGPT went viral about two years ago.

Wall Street has embraced generative artificial intelligence faster than any other disruptive technology in recent years, experts say, because of how adept large language models are in replicating aspects of human cognition.

Today it can respond to queries, write emails and summarize lengthy documents, but expectations are high that future versions will exhibit so-called agentic abilities, meaning they can perform multistep tasks with little human intervention.

In speaking with CNBC about his vision for artificial intelligence at the firm, Argenti — who joined from Amazon in 2019 — repeatedly likened the AI program to a new employee that will absorb Goldman culture over the coming years.

Initially, the tool will mostly produce answers based on Goldman data that has been fed into AI models from OpenAI’s ChatGPT, Google’s Gemini and Meta’s Llama, depending on the task, said Argenti. The bank is also looking at models from companies including Anthropic, Mistral and Cohere, he added.

“The AI assistant becomes really like talking to another GS employee,” Argenti said.

“As we progress, the second step is when you’re starting to have this agentic behavior, that is, ‘I’m completing a task on behalf of a Goldman employee, and I need to take a set of steps,’” he said. “That’s where the model is going to start to do things like a Goldman employee, not only say things like a Goldman employee.”

This helps explain why companies have forbid employees from using ChatGPT for work, instead moving to create their own platforms to tap the technology. It allows firms to not only keep their information secure, but to also craft AI platforms that increasingly resemble the best examples of their own workforce.

“For the AI to have a very specific identity that reflects the tenets, the values, the knowledge and the way of thinking of the firm is extremely important,” Argenti said.

In practice, that means that just as an experienced Goldman employee would know to double-check their work with multiple data sources or use a specific algorithm for a calculation, the AI will absorb those lessons, he said.

But Argenti says he is most excited by the prospect of what comes later, in perhaps three to five years, as AI models increasingly blur the lines between human and machine thinking.

This stage of AI at Goldman would have the model “actually reason more and become more like the way a Goldman employee would think,” he said.

So instead of being handed a run book, which is tech industry parlance for a set of step-by-step instructions for completing tasks or responding to incidents, the AI would be able to generate detailed plans “in the way that an experienced Goldman employee would do,” Argenti said.

The prospects of that future — and the fact that Wall Street’s workers are helping train a technology that may make some roles obsolete, while augmenting other jobs and creating new roles altogether — may send a fresh wave of anxiety through employee ranks.

Like at Goldman, other major investment banks are on target to give generative AI tools to their entire workforces in the coming months.

More than 200,000 JPMorgan employees currently have access to in-house generative AI tools, according to a person with knowledge of that bank who declined to be identified speaking about internal matters. Roughly 40,000 Morgan Stanley employees had access to it as of late last year, the bank said in October.

Finance and technology are seen as among the industries where employees are most prone to upheaval because of generative AI, allowing companies to potentially generate billions of dollars in additional profits. Meta CEO Mark Zuckerberg told podcaster Joe Rogan earlier this month that its AI will be capable of writing code as well as mid-level software engineers this year.

Global investment banks may shed as many as 200,000 jobs in the next three to five years as the companies implement AI, according to a report from Bloomberg’s research arm. The report, based on a survey of tech executives at major banks, said that support and operations roles known as the back and middle office were most at risk.

At Goldman, however, the official stance is that AI will empower employees to do more, not necessarily result in the need for fewer humans.

“The importance of having a phenomenal human workforce is actually going to be amplified,” Argenti said.

“In my opinion, it always boils down to people,” he said. “People are going to make a difference, because people are going to be the ones that actually evolve the AI, educate the AI, empower the AI, and then take action.”

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