Norway Wealth Fund CEO Rules Out Job Cuts Despite AI Savings

The use of artificial intelligence at Norway’s $2.1 trillion wealth fund is improving investment decisions and saving “billions of kroner” in trading costs, but those gains will not lead to staff cuts, its chief executive officer said.

“You should introduce AI in society to increase your production and value creation rather than cutting people out,” Nicolai Tangen said in an interview on Tuesday, describing such job eliminations as “destructive.”