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IBM to Pause Hiring for Jobs That AI Could Do

hank
edited May 2023 in Other Investing
International Business Machines Corp. Chief Executive Officer Arvind Krishna said the company expects to pause hiring for roles it thinks could be replaced with artificial intelligence in the coming years. Hiring in back-office functions — such as human resources — will be suspended or slowed, Krishna said in an interview. These non-customer-facing roles amount to roughly 26,000 workers, Krishna said. “I could easily see 30% of that getting replaced by AI and automation over a five-year period.” That would mean roughly 7,800 jobs lost. Part of any reduction would include not replacing roles vacated by attrition, an IBM spokesperson said.

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ISTM one of these AI gizmos ought to be able to run a mutual fund better than a human can - perhaps consistently outperforming the S&P. (Not to mention… a lot more cheaply)

Comments

  • Sven
    IBM core business has changed over the years and now they are largely a IT service company. Colleagues I know who work there are now working elsewhere. Many companies are looking at AI as a way to reduce headcount, that adds to the the bottom line, i.e. bonus for the executives such as Arvind Krishna.
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