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AAVE $78.43 -4.91%
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XLM $0.2372 -12.05%
ZEC $550.66 -5.35%

isc

Goldman Sachs CEO discusses the impact of AI: AI is more inclined to enhance productivity rather than directly eliminate jobs

Goldman Sachs CEO Solomon wrote in The New York Times that the market's concerns about AI triggering a "massive wave of unemployment" are exaggerated. The U.S. economy will continue to create more new jobs through technological transformation, just as it did during the past industrial revolution and the internet era. Solomon stated that Goldman Sachs expects AI or automation to affect about 25% of existing work hours over the next decade, with significant impacts on white-collar sectors such as banking, accounting, and law. Research from Stanford shows that entry-level positions in highly automated roles like software engineering and customer service have declined by 16% compared to less automated industries.However, he pointed out that AI is also creating new job demands. For example, since 2022, the construction of data centers in the U.S. has generated over 200,000 construction jobs. Goldman Sachs itself may reduce some compliance and account opening positions but will increase hiring for client-facing roles in banking, trading, and asset management. Solomon believes that AI is more likely to enhance productivity rather than directly eliminate 25% of jobs. He stated, "Technological advancement and cultural change do not occur simultaneously; being replaceable does not mean one will necessarily be replaced." He also called for the government and businesses to jointly promote large-scale job retraining to address the structural changes in the workforce brought about by AI.

The China Securities Regulatory Commission plans to impose severe penalties on Tiger, Futu, and Changqiao, confiscating all illegal gains from relevant domestic and foreign entities

The China Securities Regulatory Commission has filed an investigation and issued a prior notice of administrative punishment against TigerBrokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Changqiao Securities (Hong Kong) Limited for illegal securities business operations by relevant entities both domestically and abroad.According to the notice, the relevant entities of Tiger, Futu, and Changqiao conducted securities trading marketing, processed trading instructions, and provided related securities business services to obtain relevant income without the approval of our commission and without obtaining the licenses for securities brokerage business and securities financing and margin trading business, violating the provisions of Article 120 of the Securities Law, thus constituting illegal operation of securities business.In accordance with the provisions of Article 202 of the Securities Law, Article 136 of the Securities Investment Fund Law, and Article 132 of the Futures and Derivatives Law, our commission intends to decide to confiscate all illegal gains of the relevant entities of Tiger, Futu, and Changqiao, and impose severe penalties according to the law. The parties involved have the right to make statements, defend themselves, and request a hearing regarding the administrative penalties to be imposed. Our commission will fully listen to the opinions of the parties involved before making an administrative penalty decision in accordance with the law.
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