Analysts have been seeing structural changes in the job market related to AI, and now CEOs are admitting it openly. Ford’s CEO, Jim Farley, suggests that 50% of white-collar jobs will be trimmed. JP Morgan exec Marianna Lake also sees a 10% drop in headcount.
“I think it’s going to destroy way more jobs than the average person thinks,” James Reinhart, CEO of the online resale site ThredUp, said at an investor conference in June.
While Microsoft’s CEO isn’t publicly declaring that AI will cause job losses, the company did announce another reduction this month, bringing their recent layoffs to a total of around 15,000 people.