CBA and Westpac bosses warn society to embrace AI

Commonwealth Bank chief executive Matt Comyn says the increasing use and sophistication of artificial intelligence is putting the bank on a collision course with the energy market and raising real questions about who will benefit from increasing automation and the resulting job losses.

Comyn’s warnings follow similar criticisms from Paul O’Malley, the chairman of the country’s largest bank, who said last week the unregulated rise of large AI platforms threatened to hollow out the Australian economy.

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