Goldman Sachs CEO Urges Focus on AI’s Rapid Advancement

New York | Warnings from Goldman Sachs Chairman David Solomon regarding the accelerating pace of artificial intelligence (AI) development have prompted Colonial First State CEO Kelly Power to prioritize the technology. Power, who leads the $180 billion asset management firm, acknowledged the potential of AI but expressed concern about the speed of change following a recent superannuation summit in the United States.

AI’s Accelerating Impact on Financial Services

“I’m now quite paranoid about how we can handle that,” Power stated during a discussion in New York. She questioned the firm’s preparedness and the urgency required to adapt to AI’s evolving landscape. “Like, what’s the play? How fast [can we] act with urgency? We need to just, you know, 10 times the level of focus and attention we put on that.”

Colonial First State and KKR’s Strategic Review

The call for increased focus on AI comes as Colonial First State and its private equity owner, KKR, recently concluded a strategic review of the business. This review was conducted by Goldman Sachs, potentially positioning the investment bank to advise on future options for the investing and superannuation giant, which holds over $150 billion in assets.

Recent Challenges for Colonial First State

Colonial First State has faced recent operational challenges, including issues with its new Edge wealth platform following a client migration and the resignation of staff. These issues have led KKR and Commonwealth Bank to consider potential options for the business, including a possible sale.

David Solomon’s Background

David Michael Solomon (born January 17, 1962) has been the Chairman and CEO of Goldman Sachs since October 2018. Prior to becoming CEO, he served as President and COO, and as joint head of the investment banking division. Solomon also pursues electronic dance music (EDM) as a hobby, performing at venues in New York, Miami, and The Bahamas.

KKR’s Investment in Colonial First State

KKR acquired a 55% stake in Colonial First State from Commonwealth Bank in 2021 for $1.7 billion. Five years later, in September 2025, KKR and CBA completed a strategic review of the business.