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Goldman Sachs initiative to automate IPOs progressing apace

In just 21 months, the project has found ways to eliminate thousands of hours of work long performed by humans

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Goldman Sachs has also streamlined the way that it delivers updates to clients about IPO orders, sending instantaneous details about pricing, size and timing to a phone or tablet application.

New York

A FEW years ago, Goldman Sachs Group Inc's leaders took a hard look at how the bank carries out initial public offerings. They mapped 127 steps in every deal, then set out to see how many could be done by computers instead of people.

The answer so far: about half.

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