Fintech boss defends sacking entire HR department for ‘creating problems that didn’t exist’ May 20, 2026 US fintech Bolt has become the latest company to openly link job cuts and restructuring to AI, after chief executive Ryan Breslow defended scrapping the firm’s HR department during a recent round of layoffs. Speaking at a Fortune event Breslow said Bolt’s HR function had become counterproductive as the company attempted to streamline operations. “We [...]
Experian and Relx fall as City unease over AI impact outweighs buyback billions May 20, 2026 Shares in Experian hit the bottom of the FTSE 100 in morning trade, with the City underwhelmed by what the credit checking giant called a “record year” and news of a fresh $1bn capital return. It did not look like enough to dispel fears over the potential long-term impact of artificial intelligence on the company, [...]
AI will ‘destroy and create jobs,’ says HSBC boss May 20, 2026 The boss of Europe’s largest bank has warned that the growth of AI will both “destroy” and “create” new jobs as the banking industry continues to be reshaped in the face of new technology. Georges Elhedery, chief executive of HSBC, warned that the bank’s staff must avoid “fighting us” as it unveiled its latest AI [...]
Claude was the nice guy of AI – what changed? May 20, 2026 The narrative around Anthropic’s Claude, initially perceived as the “ethical AI company,” has recently shifted due to concerns over perceived hypocrisy, aggressive ambition, model degradation, platform restrictions, and vendor lock-in risk, causing customers and developers to seek alternatives, says Lewis Liu “You really feel like Claude is a real person that you are interacting with [...]
Mustafa Suleyman-founded Inflection AI to return to London May 20, 2026 Silicon Valley startup Inflection AI is marking a return to London as the company forges ahead with its expansion plans, City AM can reveal. The artificial intelligence business was launched in 2022 by Deepmind co-founder Mustafa Suleyman and attracted early backing from Linkedin founder Reid Hoffman. It released its own large language model, Pi, and [...]
Data centres to consume tenth of global power by 2050 May 20, 2026 The AI boom is set to drive one of the largest increases in electricity demand in modern history, with data centres expected to consume a tenth of the world’s power by 2050. Global data centre electricity demand will more than double from 500 terawatt-hours (TWh) last year to 1,114TWh by mid-century, according to BloombergNEF data, [...]
Google and Blackstone take aim at Nvidia in $5bn AI bet May 19, 2026 Alphabet’s Google and Blackstone are launching a $5bn (£3.7bn) AI infrastructure firm in one of the clearest signs yet that Big Tech is trying to loosen Nvidia’s grip on the AI boom. The deal, as first reported by The Wall Street Journal, will see the pair create a new US-based AI cloud and data centre [...]
Standard Chartered bets on AI as it cuts ‘lower value human capital’ May 19, 2026 Standard Chartered has announced plans to slash almost 8,000 back-office roles, stoking fears about the wide scale threat artificial intelligence poses to the global job market. The London-headquartered lender said it would reduce over 15 per cent of its support functions by 2030, equivalent to around 7,800 jobs, as boss Bill Winters pushed through a [...]
Revolut deploys AI to scrutinise law firms in major shake-up May 19, 2026 Fintech giant Revolut is scrapping the ‘traditional’ method of assigning external law firms in favour of a new system where no law firm’s position is secure. Businesses that need external law firms on hand hold a panel session, where they vet law firms within their price range, and those that win secure a spot for [...]
Big Tech’s big problem? Consumers are paying to opt out May 19, 2026 Many executives approving AI copilots are also privately paying for products to shield their own children from technology.