Human Times

North American Edition

25th May 2026

THE HOT STORY

AI and cost cuts put executive assistant jobs under pressure

Professional-services firms including PwC, McKinsey, EY, Deloitte, and KPMG are cutting executive assistant and other support roles as they look to reduce costs, improve profitability, and invest more heavily in artificial intelligence. The layoffs come amid slowing growth in consulting and professional services following the post-pandemic boom, with firms increasingly relocating support jobs from expensive hubs such as New York and London to lower-cost locations including Florida, Poland, India, Argentina, and the Caribbean. Executive assistants, who can earn more than $100,000 annually at top firms, are seen as particularly vulnerable to AI because many administrative tasks - including scheduling, travel booking, expense management, and document preparation - can increasingly be automated. PwC’s U.S. business reportedly cut about 600 support staff earlier this year, while other firms including Grant Thornton, Baker McKenzie, and Standard Chartered have also announced reductions or restructuring plans affecting support functions. Industry experts say firms are prioritizing higher-paid revenue-generating employees in areas such as AI, cybersecurity, and private equity, while support staff are often the first targets during cost-cutting efforts. Some observers also believe companies are overstating AI’s immediate impact to justify layoffs that were already planned.

Bloomberg

PRODUCTIVITY

Microsoft and EY launch $1bn AI initiative to accelerate enterprise adoption

EY and Microsoft plan to invest more than $1bn to help clients expand AI projects from pilot programs into large-scale commercial deployments. The partnership will initially target finance, tax, human resources, and supply chain operations across sectors including financial services, healthcare, energy, consumer retail, industrials, and government. Microsoft will contribute AI products, engineering expertise, and support for agentic AI projects, while EY will provide industry knowledge and change-management capabilities aimed at helping clients generate measurable returns from AI investments. The initiative comes amid growing pressure on companies to prove AI can deliver profitable outcomes after years of heavy spending. A 2025 MIT study cited in the report found that 95% of corporate AI projects had failed to generate a return on investment. The partnership follows a broader wave of alliances between AI developers and consulting firms, including Google’s $750m AI fund for consultancies and KPMG’s recent collaboration with Anthropic.

Bloomberg

Bristol Myers to deploy Anthropic's Claude AI model

Bristol Myers Squibb is partnering with Anthropic to make its Claude AI model available to ‌more than 30,000 employees in a bid to speed the discovery, development and delivery of new treatments. "Most enterprise AI stops at the chatbot. The real prize is the untapped value still trapped behind decades of data silos, and this ⁠collaboration is how we reach it," observed Greg Meyers, Bristol Myers' chief digital and technology officer. Agentic ⁠AI could increase clinical development productivity by about 35% ⁠to 45% over the next five years, consultancy McKinsey forecast last year.

Reuters

Starbucks ends AI inventory program after rollout issues

Starbucks has discontinued an AI-powered inventory counting system across its North American stores less than a year after deploying the technology as part of chief executive Brian Niccol’s turnaround strategy. The automated counting tool, introduced in September 2025, was designed to improve inventory accuracy and reduce product shortages by using LIDAR and camera technology to scan milk, syrups, and other beverage ingredients. However, the system frequently miscounted and mislabeled products, according to Reuters reporting and employees familiar with the program. Starbucks said the decision was made to standardize inventory counting processes across stores while the company continues to focus on operational consistency and broader supply chain improvements. Employees will now return to manually counting beverage inventory in the same way as other product categories.

Reuters

HIRING

Big Four post more job ads for AI specialists than auditors

The Big Four accounting firms posted more job adverts for AI specialists (over 6%) than auditors (3%) last year, according to FT research categorising more than 50,000 public job listings.

Financial Times

WORKFORCE

Americans’ economic confidence hits lowest level since 2022

Americans’ confidence in the economy has fallen to its weakest level in nearly four years, according to a new Gallup poll, as rising gas prices, inflation, and concerns about the broader economic outlook weigh on sentiment across political groups. Gallup’s Economic Confidence Index fell to -45 in May, down from -38 in April and matching the lowest level recorded since October 2022. The survey found that only 16% of Americans described current economic conditions as “excellent” or “good,” while nearly half rated conditions as poor. The poll showed that 76% of respondents believe economic conditions are worsening, the highest share in three years, with inflation and fuel costs emerging as major concerns. Average gasoline prices reached $4.56 per gallon amid oil supply disruptions linked to the war in Iran. Although Republicans remained more optimistic about the economy than Democrats and independents, confidence among all political groups declined to the lowest levels recorded since President Donald Trump began his second term. Republicans posted a confidence score of 22, compared with -80 for Democrats and -58 for independents.

US News and World Report

Trump orders banks to check citizenship

President Trump has signed an executive order that requires banks to take a closer look at the citizenship of their customers, as his administration pushes to clamp down on people living in the country illegally. The order directs the Treasury secretary to issue an advisory to banks to identify red flags tied to payroll tax evasion, concealment of true account ownership, off-the-books wage payments, labor trafficking and the use of individual taxpayer identification numbers to open accounts or obtain credit without verified legal presence in the U.S. The latest order, however, falls short of calling for citizenship data.

Time Magazine

Reuters

Raids leave Chicago businesses in crisis

In Chicago, the aftermath of federal immigration raids has severely impacted local businesses, particularly those in immigrant communities. Illinois lawmakers are considering two proposals to aid affected businesses: a $50m grant program and a loan initiative for small businesses facing economic shocks. Chicago Democratic Sen. Mike Simmons, who sponsors the grant program, emphasized the need for support, saying: “The trauma from the ICE raids was not a one-and-done.” However, both proposals face challenges amid budget constraints. The economic toll of the raids is evident, with many businesses reporting significant revenue losses and ongoing struggles to recover. Hilda Alvarez Rodriguez from the Illinois Hispanic Chamber of Commerce noted that most businesses did not emerge unscathed, highlighting the urgent need for state assistance.

Chicago Tribune

LA school layoffs: 1,000 jobs at risk

The Los Angeles USD is facing significant layoffs, with over 1,000 workers expected to lose their jobs following a recent Board of Education decision. Acting Superintendent Andres Chait acknowledged the impact of these layoffs, stating: “All of us recognize that a reduction in force creates significant uncertainty and personal hardships for employees, families and school communities.” The district's fiscal stability plan anticipates cuts exceeding $3.6bn over the next three years, potentially affecting 6,000 positions, nearly 10% of the workforce. Factors contributing to these cuts include declining enrollment and the expiration of COVID-relief funds. Local 99 Executive Director Max Arias criticized the necessity of the layoffs, asserting that the district's financial crisis is overstated. The final version of the fiscal stability plan is set to be reviewed in June.

Los Angeles Times

The Modesto Bee

TAX

Bezos pushes for tax changes

In a recent interview with CNBC's Andrew Ross Sorkin on “Squawk Box,” Jeff Bezos highlighted the disparity in tax contributions, stating that the top 1% of taxpayers contribute about 40% of total tax revenue, while the bottom half only pay 3%. Mr. Bezos argued for the elimination of federal income taxes for the lower half of earners, saying: “I don't think it should be 3%. I think it should be zero.” He emphasized the need to support struggling individuals, suggesting that instead of taxing them, the government should apologize. According to the Tax Foundation, the bottom half of taxpayers had an adjusted gross income of just under $54,000 in 2023, while the top 1% earned at least $676,000. The average tax rate for the bottom half was 3.7%, compared to 26.3% for the top 1%.

CPA Practice Advisor

IRS weighs expanded biometric data retention to combat AI-driven tax fraud

The Treasury Department and IRS are considering a proposal that would allow identity verification provider ID.me to retain taxpayers’ biometric data for as long as IRS accounts remain active and for 36 months after deletion, a significant extension from the current policy requiring deletion within 24 hours, according to internal documents reviewed by Politico. Officials say the proposal is intended to strengthen fraud prevention and support investigations into increasingly sophisticated artificial intelligence-generated scams and deepfake attacks, including through broader biometric matching techniques, but privacy advocates, lawmakers, and some IRS employees have raised concerns about data security, oversight, potential misuse, and the long-term storage of sensitive taxpayer information by a private contractor.

Politico

Hawaii creates new 13% tax bracket for million-dollar earners

Hawaii Gov. Josh Green has signed a tax package creating a new 13% income tax bracket for individuals earning more than $1 million annually, while preserving previously approved income tax cuts for lower- and middle-income earners. The legislation maintains the 2024 tax reductions for joint filers earning up to $350,000 and single filers earning up to $175,000, and also phases out certain business investment and renewable energy tax credits after months of debate in the Democrat-controlled legislature.

Bloomberg Tax

CORPORATE GOVERNANCE

Internal promotions remain the dominant route to the C-suite, HBR study finds

A new Harvard Business Review analysis of leadership teams across S&P 500 companies has found that most executives reach the C-suite through long-term internal promotion rather than external hiring. The study, which examined nine common executive leadership roles across S&P 500 firms, found that nearly 60% of C-suite functional leaders were promoted internally, rising to as high as 80% in some positions. Internally promoted executives had spent an average of 16 years with their companies, while externally hired executives were often recruited because they had previously held the same role elsewhere. Researchers also found that CEO transitions frequently trigger wider leadership reshuffles. The analysis showed that representation of women and historically underrepresented groups in C-suite roles has risen to 43%, although diversity varies significantly by function. Human resources and communications roles showed the highest representation, while CEO and COO positions remained far less diverse. The report concluded that aspiring executives increasingly need broader leadership capabilities beyond technical expertise, including strategic influence, cross-functional collaboration, and experience leading teams through uncertainty and change.

Harvard Business Review

DIVERSITY, EQUITY & INCLUSION

Women’s boardroom gains stall

Women's representation on corporate boards in the U.S. has slipped below 30% after years of steady gains, amid a broader backlash against diversity initiatives. New research from 50/50 Women on Boards found women now hold fewer new board appointments, while representation among women of colour has also declined. The slowdown follows legal and political challenges to diversity policies, including the rollback of Nasdaq rules and targets set by major investors. Campaigners warned the shift could delay gender parity on large U.S. company boards until at least 2044.

Billings Gazette

ECONOMY

U.S. manufacturing activity reaches four-year high in May

U.S. manufacturing activity accelerated to its strongest level in four years in May as businesses increased inventories to protect against supply disruptions and rising costs linked to the conflict involving Iran, according to an S&P Global survey. S&P Global’s flash manufacturing PMI rose to 55.3 in May from 54.5 in April, marking the highest reading since May 2022 and beating economists’ expectations for a decline to 53.8. A reading above 50 indicates expansion. The increase offset a slight slowdown in services activity, leaving the flash U.S. Composite PMI Output Index unchanged at 51.7. Manufacturers boosted input inventories to an 11-month high amid concerns over shortages and price increases tied to shipping disruptions in the Strait of Hormuz, which have affected supplies of goods including fertilizers, aluminum, and consumer products. Supplier delivery times also lengthened to levels last seen in August 2022. The report also showed mixed labor trends, with manufacturing employment improving, while services sector hiring weakened, pushing overall private-sector employment to a 21-month low.

Reuters

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