Paytm layoff – pressnews

[ad_1] Today is Christmas and, as expected, most businesses and governments have shut down for the day and people are enjoying a holiday. Yet artificial intelligence developments have found a way to emerge even today. In a shocking development, the parent company of Paytm, One97 Communication, has fired more than 1000 employees. The underlying reason behind the Paytm layoff is reported to be the AI advancement of the company that has caused a few positions to be surplus to requirements. This and more in today's AI roundup. Let us take a closer look.Paytm fires 1000 employeesPaytm's parent company, One97 Communication, has laid off over 1000 employees from various departments as a cost-cutting measure, reported the Economic Times. The layoffs, occurring over the past few months, amount t...

[ad_1] Paytm layoffs: Just a day after reports suggested Google may fire as many as 30000 employees due to AI rendering those jobs useless, Paytm's parent company One97 Communication has given the pink slip to more than 1000 employees across different departments as a cost-cutting measure. As per reports, the Paytm layoffs took place over the last few months. One of the major reasons that enabled the company to restructure its workforce was the advancement in artificial intelligence (AI), which led to some positions being regarded as surplus to the needs of the company.According to a report by the Economic Times, which was the first to highlight the development, the move will reduce the overall workforce of Paytm by 10 percent. The cost-cutting strategy was taken after the company left ...

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Paytm layoffs: Over 1000 employees fired; company cites AI benefits as the big reason