The Globe and Mail reports in its Monday, July 27, edition that while there haven't been major publicly disclosed job cuts, bankers say artificial intelligence is reducing the need for new hires by automating routine tasks, allowing employees to focus on higher-value work. The Globe's Stefanie Marotta writes that CIBC chief technology and information officer Richard Jardim says: "We may not need to hire as many people, but we have lots more work coming down the pipe that we need to do. We keep iterating on adding the new skills and adjusting what some of the roles do, but we don't make those roles go away yet, because we still have lots of work we need to get through." The financial industry in Canada has been quick to adopt AI, with over 30 per cent of finance and insurance firms utilizing it, compared with just 1.5 per cent in accommodation and food services. Banks are leading the way in transforming the workforce with this technology. AI, once an experimental concept, is now a key tool for banks to reduce costs and improve efficiency. Lenders are increasingly expected to leverage AI to drive revenue and enhance profits. Some major global banks have lauded the job cuts afforded by AI.