Vista Equity Partners CEO Tells Thousands in Conference Audience That 60% of Them Will Be 'Looking for Work' Next Year!
Key Takeaways
Vista Equity Partners CEO Robert F. Smith said on Thursday that 60% of the 5,500 attendees at the SuperReturn conference will be out of work next year.
Smith predicted that AI would cause “all” knowledge-based jobs to change.
Some employees will become more productive with AI while others will have to find other work, he said.
Robert F. Smith, the CEO of investment firm Vista Equity Partners, said on Thursday that AI will overturn the job market and lead to layoffs for most finance professionals.
Speaking at the SuperReturn International private capital conference in Berlin, which attracted over 5,500 attendees, Smith predicted that by next year, 40% of finance professionals at the event would be using AI agents while the remaining 60% would be searching for new employment. AI agents are programs that run autonomously to perform complex, multi-step tasks.
"We think that next year, 40% of the people at this conference will have an AI agent and the remaining 60% will be looking for work," Smith said, per Bloomberg. SuperReturn claims to be the world's largest private equity event, with senior leaders from major investment firms, such as Goldman Sachs and BlackRock, in attendance.
Smith emphasized in his remarks at the event that "all of the jobs" currently carried out by one billion knowledge workers today would change due to AI.
"I'm not saying they will all go away, but they will all change," Smith said. "You will have hyperproductive people in organizations, and you will have people who will need to find other things to do."
Vista is one of the largest private equity firms in the world, with over $100 billion in assets under management. The company focuses its investments on software, data, and technology businesses.
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