Citigroup Inc. (NYSE: C) is looking to cut half of its 20,000 tech and operations staff and replace them with artificial intelligence, robotics, and other forms of automation.
Goldman Sachs International is looking to do something similar.
This is according to a series of interviews in the Financial Times.
A Gallup survey of 3,000 Americans released in March shows that 73% felt that AI would kill more jobs than it creates. That tracks with a 2016 survey by the Pew Research Center in which 65% said automation that includes AI would replace "much" of the work done now by humans.
People are scared - and I understand why.
But there's a much bigger story here - and it's a positive one for job seekers.
It's a positive story for technology investors, too - so you know you'll want to pay attention to this.
The truth is, AI-led automation is not a zero-sum proposition.
So, today let's drill beneath these alarmist headlines.
Let's discover how AI-driven automation is actually sparking a jobs boom.And I'll give you a hidden way to play this field with a stock I think will double in less than 30 months...