Emerging HR Tech

The financial services giant announced Friday it was laying off about 5% of its global workforce.

The banking giant will eliminate about 5,000 jobs by the end of the year as it deepens its AI investment.

"Every labor market runs on a shared language for describing what people can do—such as titles, credentials, years on the job, etc.," says Hadi Moussa, CEO at Oyster. "AI made most of that language obsolete in a matter of months."

California recently adopted a "No Robo Bosses Act" to limit how AI is used in typical leadership decisions, while new research emphasizes that employees want to retain humans in leadership roles.

Candidates are competing against thousands of others and largely sending resumes off into a "black hole," while recruiters are "overwhelmed" by the high volume of candidates, many of whom look alike, thanks to AI, agreed panelists during an HR Tech session Wednesday.

New research finds that just 13% of financial services HR professionals say a "target-school" degree or specific academic background will be among the most important factors in the next hiring cycle. Instead, 41% will prioritize candidates' ability to effectively use AI tools.