Former Goldman IBD associate here. Don't have any major insights to add to the discussion, but a few observations: - I'm not sure what to make of the N=13. May

Former Goldman IBD associate here. Don't have any major insights to add to the discussion, but a few observations: - I'm not sure what to make of the N=13. Maybe it means that the survey was circulated within a small, trusted group out of discretion; maybe it means that this represents the opinions of the 13 most pissed off analysts currently working in IBD. - Analyst revolts at Goldman have been happening for decades. Having worked at GS at a time when Solomon was co-head of IBD and there was a fair amount of analyst grumbling, my strong hunch is that he views this situation as, "here we go again". - Investment banking is going to be an interesting space to watch as AI improves. The singularly important skillset of an investment banking analyst lies in taking an excel spreadsheet that contains a company's filed financial statements and then 1) building an integrated three-statement financial model with five years of forecasts and valuation outputs and 2) reading the company's recent financial filings and any pertinent news, then making adjustments to the figures contained in the filings in order to calculate "true" pro forma historical financial performance upon which the projections are based. I'm no AI expert, but if that's not already doable by AI, we've got to be pretty close, right? My hunch is that we will soon see small groups of entrepreneurial managing directors working with small groups of engineers to build a platform that offers deliverable-intensive investment banking client service without analyst/associate headcount.