"Everyone fears a white-collar AI bloodbath. That starts with a few big names proving out the AI proposition, before others (perhaps quickly) follow. Driving the news: Amazon will reportedly cut up to 30,000 jobs this week, joining brand names like Target and Paramount Skydance in cutting thousands of corporate positions. The cuts largely affect corporate roles - the kinds of work most easily displaced by increasingly powerful artificial intelligence models."
"Between the lines: The impact is magnified if there are no jobs for the people who've lost theirs. As the Wall Street Journal reported Sunday, some of the country's top employers don't see the need to hire. JPMorgan Chase, Goldman Sachs and Walmart, among others, have all said in recent weeks that they expect to hold down headcount. What they're saying: JPMorgan has a "very strong bias against" rushing to hire for any given need, the Journal quoted the bank's CFO as saying."
Major companies are cutting thousands of corporate positions, with Amazon reportedly eliminating up to 30,000 jobs and others like Target and Paramount Skydance following suit. The reductions concentrate on corporate roles that are most susceptible to automation by advanced AI models. Several top employers, including JPMorgan Chase, Goldman Sachs, and Walmart, expect to hold headcount and limit new hiring. Data show job listings are down and a "no-hire, no-fire" dynamic persists. While multiple factors drive the cuts, CEOs report that AI gives them confidence to restrain hiring. Worker preparedness for this shift remains uncertain.
Read at Axios
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