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Market Chatter: Commonwealth Bank of Australia CEO Says AI Will Affect Jobs Throughout the Economy, AFR Reports

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Commonwealth Bank of Australia's (ASX:CBA) Chief Executive Officer Matt Comyn said on Tuesday that Artificial Intelligence will affect jobs throughout the economy, according to a Tuesday report by the Australian Financial Review.

CBA, which invests AU$2.4 billion annually in technology and capabilities, will roll out new AI-enabled services in the coming months for retail and business customers. Comyn said.

Comyn said that it's not fair to pretend that every role can be preserved, and the jobs that may disappear are easier to foresee than to imagine all the new roles that can be created with AI, the report added.

CBA will have smaller teams for some of its work, as many other organizations, Comyn added.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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