Mashreq to shed 10 per cent of headcount in next 12 months as artificial intelligence spending pays off - The National

Mashreq to shed 10 per cent of headcount in next 12 months as artificial intelligence spending pays off  - The National:

"Mashreq Bank, the Dubai-based lender controlled by the Al Ghurair family, will shed 10 per cent of its workforce of over 4,000 in the next 12 months as investments in artificial technology are lessening its reliance on human resources, its chief executive said. 

"The know-how of artificial intelligence did not exist before, more and more of it is becoming available," Abdul Aziz Al Ghurair said in an interview with The National on Wednesday. 

"Once used, it will replace simple, repetitive jobs at the bank. By using artificial intelligence, employment at the banks will shrink over time," he added.  "



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