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Since the start of this year, Microsoft, eBay and PayPal have axed thousands of jobs in a pivot to artificial intelligence as companies revise their resources. As reported by the Financial Times, tech companies have cut around 34,000 jobs in a matter of weeks as the focus turns to generative AI. In addition to the heavyweight names mentioned above, Snap has also shed a significant number of roles as part of an industry-wide cut of 138 firms that have let staff go. These figures are significant but not quite at the same level as one year previous when Microsoft, Meta, and Amazon culled their numbers. Layoffs.fyi — indicated 263,000 role...... Read Full article on HadNews

A survey of global CEOs found a quarter expect to cut over 5% of staff this year as generative artificial intelligence (AI) rolls out. In a recently published report ahead of the World Economic Forum (WEF) meeting in Davos, UK accounting giant, Pricewaterhouse Cooper (PwC) found that media, entertainment, banking, insurance, and logistics firms are most likely to cut jobs due to AI automation. These industries anticipate generative tools handling tasks currently done by white-collar workers. Meanwhile, engineering, construction, and technology companies are less likely (but not immune) to be hit by AI disruption. Industry leaders estim...... Read Full article on HadNews