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An AI called Devin just landed a job on Wall Street. Goldman Sachs just “hired” an AI software engineer made by the startup Cognition. Goldman Chief Information Officer Marco Argenti told CNBC that the company plans to augment its workforce with the AI tool, which will execute tasks on behalf of its more than 10,000 human software developers. Initially, we will have hundreds of Devins [and] that might go into the thousands, depending on the use cases, Argenti said. Wall Street has been wading in and exploring AI in the last couple of years, but Goldmans push to integrate autonomous AI agents might be the finance sectors first plunge into the deep end. A brief history of Devin Cognition introduced the technology, which it hailed as the worlds first AI software engineer, last year. That tech, known as Devin, was designed to execute software engineering tasks independently, making thousands of decisions along the way. Using natural language prompts, programmers can put Devin to work doing complex tasks like building an app or finding and fixing bugs in a codebase. Cognition describes Devin as a a tireless, skilled teammate, equally ready to build alongside you or independently complete tasks for you to review a description as likely to strike fear in the hearts of workers as it is to have executives seeing dollar signs. Shortly after its launch, the founder of prominent AI search engine Perplexity praised Cognitions Devin as the first AI agent that seems to cross the threshold of what is human level and works reliably. The company was valued at $4 billion in March after raising hundreds of millions in investment led by 8VC, an early stage venture capital firm founded by Palantir co-founder Joe Lonsdale. Cognition is obviously leaning on Devins anthropomorphic branding to generate buzz and make Devin feel like a one to one substitute for a human that can write code, but so far that strategy seems to be working. Like most promising new technologies, the marketing doesnt always match reality at least not yet. When one group of data scientists put Devin to the test, they found that the AI software engineer only successfully completed three of 20 proposed tasks, with 14 of the test projects being total flops. In benchmark tests, Devin performed twice as well as an LLM-based chatbot, but didnt deliver on the promise of operating fully autonomously. AI-generated code can also pose its own problems for companies, with bugs leading to downtime and security risks being glossed over due to less human involvement in the process. What is agentic AI? Agentic AI is yet another AI buzzword, but it does mean something specific. Unlike chatbots or AI research tools that people are most likely to interact with, agentic AI is designed to execute tasks and make decisions on its own without constant human input (hence the emphasis on agency in agentic). The ability to execute multi-step jobs from start to finish means these tools work more how humans do, pursuing set goals and completing various kinds of tasks to get there. While generative AI is focused on generating outputs, like writing a draft email or compiling research, agentic AI is all about executing tasks and taking action, though how those systems accomplish that and the degree to which they are successful is up to their design. Wall Street wades in Goldman Sachs seems to be the only major bank implementing a start-to-finish AI coding tool like Devin, but its competitors likely arent far behind. AI assistants and chatbots are used widely on Wall Street already as big banks look for a competitive edge and pour investment into AI-related hires and technology. JPMorgan Chase introduced its own generative AI assistant internally last year, making the tool available to 60,000 employees who can leverage it to write emails and file reports. Morgan Stanley similarly provided financial advisors with internal tools running OpenAIs tech under the hood. We are completely convinced the consequences will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years, JPMorgan Chase CEO Jamie Dimon said in bullish comments on AI last year, adding that he expects the technology to augment virtually every job. While AI chatbots and other lower-level tools are approaching ubiquity, adoption of agentic AI isnt there yet. In a report last year, Deloitte predicted that a quarter of companies already using generative AI would begin exploring agentic AI in 2025, but risks from the technologys relative lack of human oversight means companies will move more slowly to fully implement it.
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Ford Motor just issued another major recall. On July 7, the brand recalled 850,318 Ford and Lincoln models over concerns about the vehicles’ low-pressure fuel pump, which could cause the engine to stall, increasing the risk of a crash. The recall includes certain 2021-2023 Bronco, Explorer, Lincoln Aviator, F-250 SD, F-350 SD, F-450 SD, F-550 SD, 2021-2022 Lincoln Navigator, Mustang, F-150, and 2022 Expedition vehicles. According to the recall notice filed with the National Highway Traffic Safety Administration (NHTSA), “Loss of fuel pressure and flow from the low-pressure fuel pump can be due to internal contamination of the jet pump, specifically in low fuel conditions, and reduced fuel pump internal clearances that result in an increase of internal friction and sensitivity to vapor lock.” The notice also cited several warnings that the fuel pump could fail, including engine issues, such as “misfiring or running rough,” as well as the check engine light turning on, indicating an issue. Ford noted that warm weather may exacerbate the issue, and it’s currently working on a fix for the issue. 88 recalls this year The latest recall is certainly not the first announced by Ford recently. The brand has issued 88 safety recalls in the first half of 2025more than any other automaker in a full calendar year. Likewise, over the past 10 years, Ford has issued far more recalls than other auto brands, logging 458 recalls between 2015 and 2024. Back in 2022, CEO Jim Farley addressed the uptick in Ford recalls, saying that his top priority was quality, but making necessary changes could take years. Weve made more progress on our launch quality and initial quality, you could see it in the surveys and our ramp-up of production,” Farley said while speaking to shareholders at the brand’s annual meeting. Farley continued, “However, we are not satisfied at all with our quality performance, including our recalls and customer satisfaction efforts, which we need to quickly accelerate. This will require new talent, which we now have at the company. It will require a culture shift, and it will require modification and compliance to our processes for both our engineering, manufacturing, and supply chain. Ford Authority, a news platform that discussed the brand but is not affiliated with Ford Motor Vehicles, says the more recent recalls relate to a 2024 NHTSA consent order with the brand. The agreement included a civil penalty of $165 million after NHTSA found that the automaker did not effectively recall vehicles with defective rear view cameras, breaking the law under the National Traffic and Motor Vehicle Safety Act. Timely and accurate recalls are critical to keeping everyone safe on our roads, NHTSA Deputy Administrator Sophie Shulman said at the time. NHTSA is committed to ensuring manufacturers comply with the laws designed to keep our roads safe. When manufacturers fail to prioritize the safety of the American public and meet their obligations under federal law, NHTSA will hold them accountable. The rear view camera recall was issued over concerns that the camera display image could freeze or display delayed images, creating a dangerous situation for drivers. The issue led to the largest recall of 2025, with over 1.3 million vehicles impacted. Ford said it is not aware of any injuries due to the fuel pump issue. The brand will send out notification letters to affected owners starting July 14.
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E-Commerce
The State Department is set to begin firing more than 1,300 people on Friday, according to multiple sources including The New York Times, The Washington Post, and CNN, who has seen an internal memo on the matter. Secretary of State Marco Rubio reportedly has been planning to downsize the department, but the plan was on hold until the Supreme Court ruled 63 in a decision that now paves the way for mass federal agency layoffs. The notice said the firings will affect approximately 1,107 civil service and 246 foreign service officers, with hundreds of offices and bureaus eliminated, for a total of nearly 3,000 members of the workforce [to] depart as part of the reorganization, CNN reported. That number includes staff who would be leaving voluntarily. Secretary of State Rubio first unveiled the plan back in April, at which time he called the department in charge of American diplomacy bloated.” He also hinted the downsizing was not merely fiscal, but also political, when he said the cuts would aim to root out and align those beholden to radical political ideology with the Trump administration’s current political agenda. The State Department reportedly notified some employees of layoffs as early as Thursday, according to diplomats who told The New York Times the notices could arrive as soon as Friday. The mass firings are just the latest in a long list of federal agencies to see their staff and resources slashed as the Trump administration continues to broadly dismantle the United States’ current federal government. Some critics say the cuts are an attempt to move resources from the agencies over to fund his massive tax cut bill, now passed and signed into law, which will add $2.4 trillion to primary deficits over the coming decade, adding $3 trillion to the national debt including interest, per the Committee for a Responsible Budget.
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