Wave of layoffs expands: ONE ZERO bank to lay off about 10% of its employees

ONE ZERO bank announced layoffs of about 10% of its employees, amid the integration of artificial intelligence in the bank's operations. Employees have been summoned to meetings; CEO Eyal Gafni explained in an internal memo that generative AI tools are changing the way work is done and enabling workforce reduction. The layoffs join a wave of cutbacks in the Israeli high-tech sector in recent months.

ONE ZERO bank announced this morning (Sunday) layoffs of about 10% of its employees, against the backdrop of changes brought about by artificial intelligence in the job market. Employees included in the move have already been summoned to meetings, and other employees have been informed that they are not expected to be affected by the current layoffs. The decision was conveyed to employees in an internal memo sent by the bank's CEO, Eyal Gafni, in which he explained that the accelerated entry of artificial intelligence tools requires changes in the way the bank operates. According to him, generative AI tools are changing the way companies manage processes, provide services, and develop new solutions. The bank presents the layoffs as part of adapting to the changing technological reality. Gafni also addressed the employees who will lose their jobs, noting that they are team members who took part in establishing the bank, and that the bank will provide them with guidance and assistance during the transition period. The layoffs at ONE ZERO join a series of cutbacks carried out in recent months by Israeli high-tech companies: in July, Monday.com announced layoffs of about 620 employees, and in May, Wix announced layoffs of about 920 employees. MyHeritage and Rapyd also made cuts. Similar to ONE ZERO, Wix also pointed to the artificial intelligence revolution as one of the reasons for the layoffs, alongside the strengthening of the shekel.