ANZ chief warns AI could trigger massive layoffs and societal instability

At the Australian Financial Review Asia Summit in Sydney, ANZ Group Holdings Ltd. chief executive Nuno Matos highlighted the accelerating pace of artificial-intelligence development and the associated unpredictable hazards. He referenced recent warnings from Elon Musk, Anthropic CEO Dario Amodei and OpenAI chief Sam Altman about the need to slow model progress. Matos argued that without adequate guardrails, AI could damage critical infrastructure and cause massive job losses, potentially destabilising society.

He acknowledged that ANZ, which employs about 40,000 people, might have to consider extensive staff reductions as automation expands. While noting the uncertainty of AI’s trajectory, Matos emphasized that no one can claim certainty about its future impact. The remarks came as rival Westpac Banking Corp. promoted its own AI initiatives, claiming automation could free up hundreds of thousands of work hours.