Job losses on Wall Street

Record-breaking profits at investment banks appear to be another relic of the golden age. 

Workers hired to meet roaring demand have been left twiddling their thumbs. Now they are being shown the door.

Read the full story on The Economist HERE (subscription may be required)

How AI Is Already Reshaping White-Collar Work

Artificial intelligence doesn’t just make fantastical images. 

For white-collar workers, generative AI like ChatGPT can make jobs easier by creating drafts of documents or presentations. Initial images, video and product designs could be taken over by machine learning tech. 

In fact, one report says nearly 4,000 workers lost their jobs in May to AI. 

Dropbox cut 16% of its workforce in part to invest more in the tech, while IBM sees a future where 30% of clerical work could be taken over by AI. 

WSJ explains why AI may take some white-collar jobs – but also add new ones.

Tesla CEO Elon Musk on Trump, Twitter, Job Cuts, Recession Risks

Tesla Inc. CEO Elon Musk discusses his planned acquisition of Twitter Inc., his view that a US recession is likely, and the outlook for job cuts at Tesla. In an interview with Bloomberg News Editor-in-Chief John Micklethwait at the Qatar Economic Forum, he also comments on supply constraints and whether he would support Donald Trump in the next US presidential election.

The Great Resignation: Why Millions Of Workers Are Quitting

Americans are leaving their jobs in droves. In August 4.3 million Americans quit their jobs. While some people have left the workforce entirely, job security and better pay are top concerns for others. Dubbed "The Great Resignation", the exodus of workers has created hiring challenges for companies and left millions of jobs unfilled. More than half of U.S. workers surveyed said they plan to look for a new job in the coming year, according to Bankrate's August jobseeker survey. Some 56% of respondents said adjustable working hours and remote work were a priority. Working women have faced an additional burden, juggling childcare duties, virtual schooling and their careers. So, what does the realignment of the workforce mean for employees and businesses? And what steps should you take before quitting your job?

 

Covid-19: what will happen to the global economy? The Economist answers your questions....

The covid-19 pandemic has caused economic chaos and uncertainty. Zanny Minton Beddoes, editor-in-chief, and Edward Carr, deputy editor of The Economist, answer your questions about the global economy

Rise of the Robots: Is AI Coming For Your Job?

From Visual Capitalist.

The rise of automation and artificial intelligence (AI) will displace millions of jobs in the economy. To make sure your career is future proof, watch this video. It will show the key skills needed to make sure that robots won't take your job - and that you'll thrive in an era dominated by AI.

Mixed Reality

From Deloitte CIO Journal

Wearable computing devices and mixed reality are narrowing the gap between the workplace and data solutions that can drive improved working performance. Using these devices, employees can approach a task with an overlay of contextual or instructional information, which can boost speed, efficiency, and even safety on the shop floor or in the field.

Are London banking job cuts in the pipeline?

Consultants working for leading strategy firms in London say that following the Brexit vote, banks have activated their contingency plans and that the London job cuts are about to come thick and fast.

READ MORE>>