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According to a World Economic Forum survey, 41% of global companies anticipate reducing their workforces over the next five years due to the rise of AI.
Business Insider reported that several major firms have already announced job cuts this year while BlackRock is reducing its workforce by about 200 employees representing 1% of its staff, at the same time, Bridgewater Associates has also cut 7% of its workforce and brought back its numbers back to 2023 levels. Additionally, the Washington Post is also eliminating less than 100 positions in non-newsroom areas to streamline all of its operations.
During such times, Microsoft is also planning unspecified cuts while focusing on underperforming employees.
Ally Financial is laying off approximately 500 employees or nearly less than 5% of its workforce as a part of its strategic right sizing effort, noted Business Insider. These layoffs actually reflect broader trends in the tech and finance sectors where companies are eventually adjusting to economic pressures and technological shifts.
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