UBS’ Khan Says AI Will Impact Jobs While Aiding Productivity

(Bloomberg) — UBS Group AG’s Asia Pacific President Iqbal Khan said artificial intelligence will free up capacity and improve productivity but also have an impact on jobs.

“If we can use that capacity to serve our clients better, gain more share of the wallet, grow faster, grow more, then the impact on costs and jobs is going to be less,” said Khan in an interview with Bloomberg Television. “Now if we cannot, and this is an industrywide topic, then of course it will have ramifications and implications on costs and jobs.”

Khan’s comments contribute to the broader debate surrounding artificial intelligence. Standard Chartered Chief Executive Officer Bill Winters has also warned that an increased focus on AI could lead to the elimination of roles, as the bank replaces what he described as “lower-value human capital” with technology — a term he later apologized for.

Earlier this month, Goldman Sachs Group Inc. President and Chief Operating Officer John Waldron described his firm’s traditional operations as a “human assembly line” ripe for automation.

Khan said that AI has risks but also the potential to improve efficiency and productivity across the business.

“This is the biggest transformation we’re going to see and it’s more about up-skilling our people and us learning,” said Khan.

Others are more optimistic. Mizuho Financial Group Inc.’s chief executive officer Masahiro Kihara said in an interview with Bloomberg Television on Wednesday that even with AI replacing jobs, it doesn’t mean headcount cuts.

(Updates with more details from Mizuho CEO interview.)

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