ANZ chief cautions on AI dangers and flags possible workforce cuts

Speaking at the Australian Financial Review Asia Summit in Sydney, ANZ Group Holdings chief executive Nuno Matos sounded a sober note about the whirlwind of change that artificial intelligence is unleashing. He didn’t just talk about the upside – the efficiency gains, the faster decisions, the promise of new products – he lingered on the dark side that many tech leaders have been flagging lately.

“When you hear people like Elon Musk, Dario Amodei and Sam Altman saying they might have to pull the brakes on AI development, that’s a pretty loud alarm bell,” Matos said, pausing for effect before adding, “It tells us something very clear.”

Those three names – the SpaceX founder, the Anthropic CEO and the OpenAI head – have been in the headlines over the past few days, warning that the speed at which AI models are being built is outpacing the safety measures that should keep them in check. Their concerns have even drawn a snappy rebuke from former President Donald Trump.

For Matos, the message is simple but unsettling: the risk profile of AI is now “well above what they expected.” He reminded the audience that the original dream of AI – to cure diseases, boost human capability and make life easier – is still valid, but without “enough guardrails and limitations” the technology could turn rogue, potentially targeting critical infrastructure.

The banking giant, which employs roughly 40,000 people across Australia, New Zealand and the Pacific, could feel the tremors of this tech disruption in a very tangible way. While Matos refused to make any definitive promise, he admitted that the bank is already looking at how AI might reshape its workforce.

“I don’t know, and anyone who tells you they’re certain is probably not being honest,” he said, a hint of wryness in his tone. “Nobody knows exactly where we’ll end up.” The implication? If AI triggers a wave of job losses across the economy, ANZ might have to reconsider its own staffing levels.

In short, Matos left the audience with a mixed feeling – cautious optimism about AI’s potential, coupled with a sober reminder that unchecked acceleration could bring about destabilising social effects, including large‑scale layoffs. The bank, like many in the financial sector, now faces the tricky task of balancing innovation with responsibility.