Spread of ChatGPT will lead to mass layoffs in financial sector: Which professionals are not yet afraid of losing their jobs?

The proliferation of artificial intelligence (AI)-based systems such as ChatGPT will lead to mass layoffs in the not-too-distant future, especially in the financial, legal and technology industries. Interestingly, however, most financial sector professionals are still not worried about their jobs and do not see AI as a threat.

According to a survey conducted by MLIV Pulse, more than two-thirds of the 292 economists, researchers and financial strategists surveyed believe that AI will not replace them in the next three years.

According to Bloomberg, more than half of senior managers, asset and portfolio managers are of the same opinion. all of them think they are doing a job that AI still can't handle.

But sales and risk management professionals don't share their optimism – nearly half of these professionals believe AI can replace them on the job in the next three years.

According to the study, that's how various financial-sector experts answered the question, "Will AI replace you in three years?"

The experts at MLIV Pulse conducted another survey asking participants if they use AI in their jobs, particularly in investments and trading. The majority of buy-side traders, economists, researchers and financial strategists said they do not use AI in their work and have no plans to do so in the future.

The study found that AI services are the most popular among sellers. In addition, more than a third of top managers and asset managers plan to use AI in their work in the future.

As for the technology sector, many companies today are quite active in cutting jobs while investing heavily in the development of AI. In January, for example, Alphabet, which owns the search engine Google, announced 12,000 job cuts, and CEO Sundar Pichai said that Alphabet is a key area of investment for the company.

For its part, Microsoft, amid plans to cut 10,000 jobs, announced a $10 billion investment in OpenAI.

The same situation is seen today in many other technology companies – part of the workforce is being cut, trying to replace humans with automated processes wherever possible.

Most investors surveyed by MLIV Pulse believe these cuts are justified or even minor. Only 11% of respondents disapprove of the cuts, and 13% think they are premature.