Oracle reveals 21,000 layoffs in last year were due to AI (opens original article in a new tab)

Oracle cut 21,000 jobs in the last year, citing AI implementation as the reason, while JPMorgan Chase plans to shift towards AI specialists through normal attrition.

• Oracle reduced its workforce by 21,000 employees over the last year due to AI implementation.
• Oracle incurred $1.84 billion in severance and restructuring costs related to the layoffs.
• JPMorgan Chase plans to replace traditional bankers with AI specialists through annual attrition rather than large-scale layoffs.