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Wall Street Job Losses May Top 200,000 As AI Replaces Roles

3 months 3 weeks ago
An anonymous reader quotes a report from Bloomberg: Global banks will cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, according to Bloomberg Intelligence. Chief information and technology officers surveyed for BI indicated that on average they expect a net 3% of their workforce to be cut, according to a report published Thursday. Back office, middle office and operations are likely to be most at risk, according to Tomasz Noetzel, the BI senior analyst who wrote the report. Customer services could see changes as bots manage client functions, while know-your-customer duties would also be vulnerable. "Any jobs involving routine, repetitive tasks are at risk," he said. "But AI will not eliminate them fully, rather it will lead to workforce transformation." Nearly a quarter of the 93 respondents predict a steeper decline of between 5% and 10% of total headcount. The peer group covered by BI includes Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. The findings point to far-reaching changes in the industry, feeding through to improved earnings. In 2027, banks could see pretax profits 12% to 17% higher than they would otherwise have been -- adding as much as $180 billion to their combined bottom line -- as AI powers an increase in productivity, according to BI. Eight in ten respondents expect generative AI to increase productivity and revenue generation by at least 5% in the next three to five years. Results from a recent World Economic Forum survey also predicted a reduction in the workforce due to AI. According to the survey, 41% of employers intend to downsize their workforce as AI automates certain tasks. Unlike the survey results from 2023, this year's report did not say that most technology, including AI, were expected to be a "net positive" for job numbers.

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OpenAI Cuts Off Engineer Who Created ChatGPT-Powered Robotic Sentry Rifle

3 months 3 weeks ago
OpenAI has shut down the developer behind a viral device that could respond to ChatGPT queries to aim and fire an automated rifle. Futurism reports: The contraption, as seen in a video that's been making its rounds on social media, sparked a frenzied debate over our undying attempts to turn dystopian tech yanked straight out of the "Terminator" franchise into a reality. STS 3D's invention also apparently caught the attention of OpenAI, who says it swiftly shut him down for violating its policies. When Futurism reached out to the company, a spokesperson said that "we proactively identified this violation of our policies and notified the developer to cease this activity ahead of receiving your inquiry." STS 3D -- who didn't respond to our request for comment -- used OpenAI's Realtime API to give his weapon a cheery voice and a way to decipher his commands. "ChatGPT, we're under attack from the front left and front right," he told the system in the video. "Respond accordingly." Without skipping a beat, the rifle jumped into action, shooting what appeared to be blanks while aiming at the nearby walls.

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£3.8B later, old tech supplier flames still burning for HMRC

3 months 3 weeks ago
Deal supposed to end in 2017 continues to haunt tax collector procurement

In the last five years, the UK's tax collector has spent £3.8 billion with tech suppliers - including £591 million without any outside competition - on top of a £10 billion project intended to end in 2017.…

Lindsay Clark