{"id":659979,"date":"2025-02-04T00:00:00","date_gmt":"2025-02-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/04\/fintech-ceo-breaks-silicon-valleys-silence-on-ai-in-the-workforce\/"},"modified":"2025-02-04T00:00:00","modified_gmt":"2025-02-04T00:00:00","slug":"fintech-ceo-breaks-silicon-valleys-silence-on-ai-in-the-workforce","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/04\/fintech-ceo-breaks-silicon-valleys-silence-on-ai-in-the-workforce\/","title":{"rendered":"Fintech CEO breaks Silicon Valley\u2019s silence on AI in the workforce"},"content":{"rendered":"

Are fintech CEOs ready to be honest <\/strong>about AI replacing human workers? <\/strong>Sebastian Siemiatkowski, Swedish CEO of the buy-now-payer-later (BNPL) fintech company Klarna<\/a>, candidly told the New York Times<\/a> that he believes AI automation will take over all human jobs. While tech executives tend to use euphemistic language about the impact of AI on the workforce, instead marketing it as a complementary tool to human labor, Siemiatkowski completely rejects this narrative.<\/p>\n

What does <\/strong>Siemiatkowski\u2019s vision look like?<\/strong> The CEO used automating tasks in Klarna\u2019s marketing, legal, and customer service departments to reduce the company\u2019s workforce from 5k to 4k, and expects to dole out further cuts in the future thanks to the alleged USD 10 mn he saved in the process. But instead of platitudes<\/a> promising that genAI will be a boon to employee workloads, Siemiatkowski openly (and bluntly) acknowledges the reality of future job displacement, and challenges the idea that new roles will easily replace those lost to AI tools. Siemiatkowski told Bloomberg TV<\/a> in December that his company \u201cessentially\u201d stopped hiring a year ago in favor of AI, all to enable massive workforce reduction. <\/p>\n

But the Klarna CEO isn\u2019t the only one championing the raw truth: <\/strong>Arvind Krishna, CEO of tech giant IBM<\/a>, also once said that AI could push his company to slow or pause<\/a> hiring, more specifically for back-office jobs like HR, which constitute roughly 10% of the workforce. This comes as a bit of a counterstatement to the IBM chief executive\u2019s previous statements<\/a> in 2023 claiming that AI will \u201chelp tackle the kind of tasks most people find repetitive, which frees up employees to take on higher-value work.\u201d <\/p>\n

A strategic claim ahead of his debut on the stock markets: <\/strong>Siemiatkowski's brave statements come as part of Klarna\u2019s cost-cutting efforts and a broader plan to attract investors ahead of its anticipated<\/a> IPO, a former Klarna manager who left the company in 2022 told NYT, which came as a result of concerns that Klarna had lost its shine among investors and the media. Klarna first filed to go public in the US in November, and plans to list in Q1 2025<\/a>. The IPO is expected to value<\/a> the company between USD 15 to 20 bn.<\/p>\n

But critics find that his statements might stand a bit over the top: <\/strong>Klarna has continued hiring employees despite its chief executive\u2019s statements, which leaves critics to stipulate about his statements\u2019 credibility. Tech-focused website TechCrunch<\/a> investigated through the Swedish BNPL\u2019s job listings two days after the company reportedly said they stopped hiring, and they found more than 50 openings in a variety of positions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Swedish BNPL Klarna reduced its workforce from 5k workers to 4k workers, thanks to task automation<\/p>\n","protected":false},"author":1,"featured_media":659980,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7215],"tags":[928,633,183,638,12120,446,639],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-659979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-your-commute","tag-employment","tag-enterprisepm","tag-fintech","tag-for-your-commute","tag-genai","tag-ibm","tag-technology","wpautop","entry"],"acf":{"mongo_id":"d0910d54-f856-4cd3-a53a-b8d738be394a","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1631.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[659974],"teaser":"Swedish BNPL Klarna reduced its workforce from 5k workers to 4k workers, thanks to task automation","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.d75d5b4a-6dec-4ff7-bde3-12aea17789e4.mp3"},"yoast_head":"\nFintech CEO breaks Silicon Valley\u2019s silence on AI in the workforce - 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This is Cairo Angels\u2019 first investment in Africa outside of Egypt, according to the release, which did not put a figure on the size of the cheque the\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":550263,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/20\/valu-acquires-an-undisclosed-minority-stake-in-payments-app-kiwe\/","url_meta":{"origin":659979,"position":4},"title":"valU acquires an undisclosed minority stake in payments app Kiwe","author":"enterpriseam admin","date":"20 October 2022","format":false,"excerpt":"EFG Hermes\u2019 BNPL platform, valU, has acquired an undisclosed minority stake in fintech Kiwe, Kiwe CEO Fatma Ibrahim confirmed to Enterprise, following a company pressrelease(pdf). The e-payments startup counts our friends at EFG Hermes Finance, EFG EV Fintech, dFin Holding, and Marakez among its existing shareholders.What they said: \u201cThrough the\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/284.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542899,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/23\/mnt-halan-launches-buy-now-pay-later-service\/","url_meta":{"origin":659979,"position":5},"title":"MNT-Halan launches buy-now-pay-later service","author":"enterpriseam admin","date":"23 January 2022","format":false,"excerpt":"Fintech firm MNT-Halan has launched a buy-now-pay-later (BNPL) service in its app,according to a statement (pdf). Backed by Halan\u2019s recently-launched Neuron core banking system, the BNPL service allows customers to pay using credit on purchases made through the Halan app or direct from vendors, whether online or in a physical\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/659979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=659979"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/659979\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/659974"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/659980"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=659979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=659979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=659979"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=659979"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=659979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}