UBS Asia President Says AI Will Boost Productivity but Impact Jobs

UBS Group AG’s Asia Pacific President Iqbal Khan said artificial intelligence will boost productivity by freeing up capacity, but it will also have ramifications for jobs, according to Bloomberg reporting from Hong Kong. Khan made the comments during the UBS Asian Investment Conference, where he also discussed China, geopolitics and the bank’s outlook in a period of heightened uncertainty.

Khan’s remarks reflect a broader debate among executives over how quickly AI will reshape white-collar work. Bloomberg said Khan described AI as a tool that can improve efficiency inside large organizations, but one that will also change staffing needs as firms automate more tasks and redeploy employees into other roles.

The timing is notable because major financial institutions are increasingly trying to explain to workers and investors how they plan to use AI. In a separate Bloomberg report, Commonwealth Bank of Australia Chief Executive Matt Comyn said firms need to be upfront with staff about AI, underscoring the pressure on employers to be transparent about job impacts as the technology spreads.

Khan’s comments also come against the backdrop of a wider regional economic story in which AI is already influencing parts of industry. Bloomberg reported that China’s industrial profits have been supported by sectors tied to the global AI boom, helping lift overall earnings even as the broader economy shows signs of uneven growth. That split highlights how AI is creating winners in some industries while raising concerns about disruption in others.

At the UBS event, Khan was also asked about the bank’s business in China and the effect of geopolitical tensions on growth, according to Bloomberg’s video coverage of the interview. His comments suggest UBS is trying to balance optimism about technology-driven efficiency with caution about the labor consequences and the wider economic risks facing global firms.