Industry news

Klarna, the prominent "buy now, pay later" fintech company, plans to significantly reduce its workforce as it continues to invest in the AI technology.

The firm, which is based in Sweden and has already shed over 1,000 jobs in the past year, aims to brings its employee count to as few as 2,000 in the coming years to streamline operations and prepare for a potential stock market listing.

In an interview with the Financial Times, CEO Sebastian Siemiatkowski revealed that AI has played a crucial role in driving efficiency and reducing costs, enabling Klarna to achieve substantial savings by replacing human workers with AI-powered solutions.

Retailers could reduce their Scope 3 emissions by 15% by 2030 using existing technologies, or achieve up to a 50% reduction with new technologies, according to a recent report from McKinsey & Company.

Scope 3 emissions are the indirect emissions generated throughout a company’s value chain, covering activities from sourcing and manufacturing to transportation and beyond.

Unlike Scope 1 and 2 emissions, which are directly controlled by businesses and usually account for only about 5% of total emissions, Scope 3 emissions represent the vast majority of a retailer’s carbon footprint.

Read the full article on Procurement Magazine here.

A 14-month deal with the Cabinet Office will see KPMG manage learning and development services across the UK’s civil service, including overseeing courses on policymaking, communications and career development. It has been reported that the Big Four firm will “manage the catalogue of products and services” outlined in the deal. It will not directly supply training for accredited qualifications – those services will instead be delivered by universities, business schools and specialist providers.

Read the full article on Consultancy.uk here. 

As the search continues for AI’s best use cases, a new report has suggested it could prove highly effective in the world of procurement. According to the report, generative AI in particular could have a key impact on strategic procurement functions.

With the world still in the grips of multiple supply chain crises, the role of technology has long been touted as a lifeline for the procurement function. Over the past 12 months, companies have turned to AI to automate processes, create content, and uncover new insights. But in the world of procurement, this can mean predicting disruptions long before humans can spot them or optimising inventory to meet fluctuating demand.

Read the full article of  Consultancy.uk here.

The fast pace of digital, people, political and economic change means leadership teams must respond quickly and positively to new challenges and opportunities. Eman Al-Hillawi, CEO of business change consultancy, Entec Si, explains what agile leadership looks like, and how leaders can encourage their staff to follow suit.

Embracing change is the main principle of agile leadership. Leaders across sectors constantly face unpredictable situations and known unknowns when faced with new opportunities or breaking new ground.

Read the full article on Consultancy.uk here.

In a landmark decision, Bangladesh’s interim government, led by Chief Advisor Dr. Mohammad Yunus, announced the termination of outsourcing practices in various government departments.

This strategic move will transition outsourcing employees to the revenue sector, providing them with permanent status. The decision is a response to increasing demands from workers and their representatives for enhanced job security and equitable treatment.

Read the full article on Outsource Accelerator here

Amazon Web Services (AWS) CEO Matt Garman has suggested that the rapid advancement of AI technology in the near future could lead to a significant shift in the roles of software developers at the company.

In a leaked recording of a recent internal fireside chat, Garman predicted that within the next few years, many coding tasks could be automated, forcing developers to acquire new skills and focus on more strategic aspects of their work.

"Being a developer in 2025 may be different than what it was as a developer in 2020," Garman said, according to Business Insider.

Read the full article on Computing here.

Teleperformance, a global giant in the business processing outsourcing (BPO) sector, is increasing its footprint in Jamaica with the opening of a new branch in this western parish.

The new branch will offer jobs to 800 more Jamaicans with Teleperformance which already has a staff complement of 3,700 in the island.

“We have never had anything of this magnitude in the parish that will seek to employ young people in the parish. Westmoreland is known for crime and violence. There was a time when we were number one for [crime]. This facility is a beacon of hope and is a rising star in the west,” added Perrin.

He supported Delancy, who said the launch is a significant milestone for not only Teleperformance but also for the people of Westmoreland.

Read the full article on Jamaica Observer here.

CGI has been awarded the contract to deliver a Digital Service Desk for the Ministry of Justice (MOJ). The deal will see the IT and business consulting services firm provide first line support and first contact resolution for IT services across the Department.

The 5-year contract, which has a total potential value of c.£35m, was awarded via the Technology Services 3 (RM6100) framework. It includes an initial term of 44 months followed by an optional 16-month extension period, potentially taking it to the end of May 2029.

CGI has been providing the service desk for MOJ since 2019. The new deal, which was awarded by competitive tender, will see CGI work with the Department to transform the service, including implementation of new services and delivery of increased efficiencies.

Read the full article on TechMarketView here.

This is a regular publication from KPMG's EMA Financial Services Regulatory Insight Centre, providing key updates on the latest ESG regulatory developments impacting financial services firms in the UK and the EU.

2024 is a year of elections, and both the EU and UK saw a pause in major regulatory announcements as a result in the run-up to the summer break.  In the UK, the new Labour government has committed to making the UK `the green finance capital of the world' via key initiatives on credible transition plans and aligning UK sustainability disclosure requirements with the ISSB and TPT frameworks. In the EU, policymakers will be challenged to enact a more competitiveness-focused agenda without downplaying climate aspirations.

Read the full article on KPMG here.