The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
Intesa Sanpaolo SpA, Italy’s largest bank, announced plans to cut 9,000 jobs by 2027 as part of a broader artificial intelligence (AI) and digitalization strategy, which will also see the hiring of 3,500 younger employees. The move highlights how AI is reshaping the workforce in the financial industry.
The bank expects to save €500 million (US$539 million or RM2.35 billion) annually through this restructuring. The changes are aimed at accelerating a "generational shift" to create a more resilient business model in the face of digital and AI advancements.
Of the planned job cuts, 7,000 will come from Italy and 2,000 from international divisions. 4,000 departures will be through retirements or access to the Solidarity Fund, with charges of €350 million net of tax expected in Q4.
Intesa's CEO Carlo Messina has committed to boosting profitability through cost reductions, counting on insurance, asset, and wealth management to help offset declining interest rates. 1,500 of the new hires will focus on customer advisory roles, especially in wealth management.
The bank also struck an agreement with unions to support professional upskilling and reskilling through a major digital skills training program, preparing workers for the evolving demands of the financial sector. This announcement follows a similar move by BPER Banca SpA, signaling a trend among banks using AI to improve efficiency and reduce costs.
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