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BT CEO Says AI Advances Could Deepen Job Cuts: FT

BT CEO Says AI Advances Could Deepen Job Cuts: FT

Bloomberg9 hours ago

BT Group Plc CEO Allison Kirkby says that advancements in artificial intelligence could deepen the job cuts that are already happening at the telecommunications firm in an interview with the Financial Times.
The telco's plans to cut tens of thousands of jobs by 2030 didn't reflect AI's full potential, she told the paper.

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I Asked ChatGPT How Much Money Is Needed To Retire in 20 Years — Here's What It Said
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Your lifestyle, inflation, investments, anticipated health, Social Security and other income sources have to be figured into any comprehensive retirement financial strategy. However, if you're currently planning more for your weekend than your retirement, a quick ChatGPT query can at least plant some seeds as to what to expect, and how much you might need when your work life comes to an end. Find Out: Read More: Of course, ChatGPT struggles with accuracy, context and common sense, but it's interesting to experiment with. Here's what the chatbot answered when I asked it, 'How Much Money Will I Need to Retire in 20 Years?' ChatGPT can't guess your current savings, your expected retirement age or what you think you'll need every year to be comfortable in retirement. Therefore, it prompts by asking questions, but also provides a basic example of someone retiring in 20 years, at the age of 65, with a desired annual budget of $60,000, a longevity plan of 25-30 years, an inflation rate of 2.5%-3% per year and a 5%-7% investment rate of return (ChatGPT used 6% before retirement and 4% after, which are accurate estimates). Be Aware: Your future purchasing power won't be reduced if your income increases by the same amount as the rate of inflation. Typically, however, income doesn't keep pace with the rising cost of goods and services due to inflation. Using an inflation calculator, the reduced amount of $60,000 will be around $33,220 in 20 years. But to have the same purchasing power as $60K today, you'll need $108,360, per ChatGPT. To figure out how much money you'll need to retire, you'll need to factor in value of annuity formulas, both in the future (the value of payments at a future date) and in the present (the amount of money needed today to generate those future payments). A quick Google search will give you plenty of income annuity calculators and retirement calculators. Using our ChatGPT inquiry, Assuming you'll need $108,360 each year for 25 years of retirement and get 4% returns while withdrawing, you'll need to build a nest egg of by the time you turn 65. To reach that future goal, estimating a 6% return on investments and savings, you'll need to sock away $3,813 every month. ChatGPT is an easy target for detractors; it's at the vanguard of AI chatbot technology, but it lacks the depth of emotional understanding and subjective interpretation that humans possess. However, it's still in development, and that's why it scares people. For now, take it for what it is: a brainstorming tool. To truly get an accurate idea of how much money you'll need to retire in 20 years, start with ChatGPT, then move on to more accurate calculators that include more financial fields (like existing 401(k), IRA and pension information). Even those should just be the start of your retirement savings research, of course. Your retirement plans deserve the insight that only a professional financial advisor can provide. They also deserve your time and effort, at least as much as you'd use planning your weekend. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 9 Downsizing Tips for the Middle Class To Save on Monthly Expenses Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why This article originally appeared on I Asked ChatGPT How Much Money Is Needed To Retire in 20 Years — Here's What It Said Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data

AI could lead to more job cuts at BT, says chief executive
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The chief executive of BT has said that advances in artificial intelligence could presage deeper jobs cuts at the FTSE 100 telecoms company, which has already outlined plans to shed up to 55,000 workers. Two years ago, the company said that between 40,000 and 55,000 jobs would be axed as it set out to become a 'leaner' business by the end of the decade. However, in a weekend interview, its chief executive, Allison Kirkby, said the plan, which includes stripping out £3bn of costs, 'did not reflect the full potential of AI'. 'Depending on what we learn from AI … there may be an opportunity for BT to be even smaller by the end of the decade,' Kirkby said in an interview with the Financial Times. BT, which is the biggest broadband provider in the country, laid out plans in 2023 to cut the size of its workforce, including contractors, by 2030. Philip Jansen, who was chief executive at the time, said the company could rely on a much smaller workforce and cost base by the end of the decade. Kirkby, who took over from Jansen last year, has pushed for the company to streamline its operations – selling its Italian business and its Irish wholesale and enterprise unit – and focus more on improving in the UK. Last month, BT spun off its international business into a separate division, but is reportedly open to offers for this area of the business, according to the FT, which cited a person familiar with the matter. Kirkby also said she did not think the value of BT's broadband network business Openreach was reflected in its share price. If this continued, BT 'would absolutely have to look at options'. The 'time to reconsider' whether to spin off the business would take place once it has completed upgrading its network to full fibre, she said. However, Kirkby said her preference would be for the BT share price to reflect the worthof Openreach rather than to spin it off. It emerged last week that BT was weighing up a potential takeover of the telecoms and broadband company TalkTalk. Its smaller rival has about 3.2 million customers, although it has struggled since it was taken private by Toscafund, a London-based investment firm, in a £1.1bn deal that added £527m of debt to its balance sheet in 2021.

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CEO Ryan Cohen has helped stabilize GameStop's business. Meanwhile, the company has sold equity to build a large cash hoard and is buying up Bitcoin. What Cohen does with GameStop's cash will determine whether he can transform the company. 10 stocks we like better than GameStop › Under the stewardship of CEO Ryan Cohen, GameStop (NYSE: GME) is looking to rise from the ashes. Cohen himself recently said the company was a "piece of crap" when he took over in the fall of 2023. At the time, the company was losing money and facing structural challenges. At its core, GameStop is still a global retailer of new and pre-owned video games and video game hardware, operating thousands of stores across North America, Europe, and Australia. The video game industry, meanwhile, has seen a shift from physical games to digital downloads and subscription models. There also hasn't been a major new gaming console release to drum up consumer demand since 2020. 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A potential move for Cohen would be to either acquire a fast-growing business or turn GameStop into a holding company like Berkshire Hathaway. People often forget that Berkshire was a struggling textile company that Warren Buffett bought and eventually had to shut down before it became the massive conglomerate it is today. Cohen has proven he can successfully run and turn around a struggling business, but now, he needs to expand beyond GameStop's legacy model. With an enterprise value of over $8.5 billion, GameStop's current value is worth way more than the intrinsic value of its retail business. Note that enterprise value takes into consideration its sizable cash position. That's why one Wall Street analyst recently said the company is relying on the "greater fools" theory, meaning that the only way the stock price would go up from here is if someone else was dumb enough to buy it at a higher price. 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Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Geoffrey Seiler has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway. The Motley Fool has a disclosure policy. Can GameStop Stock Rise From the Ashes? was originally published by The Motley Fool

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