Iqbal Khan, President of UBS Group Asia Pacific, stated that artificial intelligence (AI) will unlock production capacity and enhance productivity, but it will also impact employment.

"If we can leverage the capacity released by AI to better serve clients, capture more market share, and achieve faster and larger growth, the impact on costs and employment will be relatively minor," Khan remarked in an interview. "However, if we fail to do so, it will inevitably affect costs and employment. This is a challenge shared across the entire industry."

Khan's comments add another perspective to the ongoing debate surrounding AI. Bill Winters, CEO of STANDARD CHARTERED PLC, had previously cautioned that the increasing focus on AI could lead to job cuts, as the bank would replace what he termed "low-value human capital" with technology. He later apologized for this statement.

Earlier this month, John Waldron, President and Chief Operating Officer of Goldman Sachs, described the firm's traditional operational model as a "manual assembly line" in urgent need of automation.

Khan emphasized that while AI presents risks, it also holds significant potential to substantially improve corporate efficiency and productivity.