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Paytm Lays off Over 1,000 Employees; Employees Lose Job To AI? | Latest News | English News
Posted
December 26, 2023
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December 26, 2023
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2:33Now PlayingIn a strategic move, Paytm's parent company laid off over 1,000 employees, citing the implementation of Artificial Intelligence (AI) for cost-cutting. The AI initiative aims to automate processes, increase efficiency, and reduce employee costs by 10-15%. CEO Vijay Shekhar Sharma outlined 2024 goals, including separating the Paytm app's home screen and Payments Bank. The company plans to hire 15,000 employees in its core payments business while expanding AI usage and focusing on innovation in insurance and wealth sectors. Paytm's shares declined by 20% post-announcement, echoing similar workforce optimization measures in 2021.
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