While the latest wave of AI-linked layoffs has put job seekers—and even the Federal Reserve—on high alert, a new survey from Goldman Sachs suggests the real AI labor meltdown is still to come.

The report, which surveyed more than 100 Goldman Sachs investment bankers, found that only 11% of their clients across industries such as tech, industrials, and finance were actively cutting employees due to AI. Instead, 47% of the bankers reported their clients were disproportionately using AI to boost productivity and revenue, while only a fifth were mostly using the tech to cut costs.

“AI use has so far been more skewed toward raising productivity/revenue than reducing costs,” wrote analysts led by Goldman Sachs Chief Economist and Head of Global Investment Research Jan Hatzius.

The catch: a mu

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