UBS Asia Pacific President: AI is a productivity elixir that could also become a "layoff poison".

UBS Group Asia Pacific President Iqbal Khan stated that artificial intelligence (AI) will unleash human potential and enhance overall productivity, but at the same time will also have an impact on employment. Khan pointed out in an interview: "If we can use the released productivity to better serve customers, compete for more market share, achieve faster and larger scale growth, then the negative impact on costs and employment will be relatively small. But if we cannot achieve this - which is also a common issue facing the entire industry - then AI will inevitably have far-reaching effects on costs and employment." This statement adds a new voice to the current widespread discussion about AI. Standard Chartered Bank CEO Bill Winters had previously warned that increasing the use of AI in banks may lead to job cuts. The bank is replacing what he calls "low-value human capital" with technology, for which he later apologized. Earlier this month, Goldman Sachs President and COO John Beijing Worldia Diamond Tools Lun stated that the bank's traditional business processes are like a "human production line" with high potential for automation. Khan believes that while AI poses potential risks, it also has the potential to comprehensively improve operational efficiency and capacity for businesses. He said: "This will be the largest-scale transformation we have experienced, and the key is to improve employee skills and promote team learning together." Some industry insiders hold a more optimistic attitude. On Wednesday, Mizuho Financial Group CEO Tatsufumi Sakai stated in a television interview that even if AI gradually replaces some manual work, it does not necessarily mean that companies will lay off employees.