ZURICH: UBS Group AG’s Asia-Pacific president Iqbal Khan says artificial intelligence (AI) 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 in an industry-wide topic, then of course it will have ramifications and implications on costs and jobs.”
Khan’s comments contribute to the broader debate surrounding AI.
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 apologised 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. — Bloomberg
