The boss of Klarna has said artificial intelligence (AI) has allowed it to cut its workforce in half and stop hiring, as he predicted the technology will spell the end to “excessive profits” in the banking industry.

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Sebastian Siemiatkowski, co-founder and chief executive of the buy now, pay later giant, said he was trying to be more “honest” on the topic than others in his position.

Speaking in an interview to Bloomberg Television, the boss said: “I feel there is a massive shift

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