Norway's Sovereign Wealth Fund Saves Billions in Krone via AI, but Explicitly Won't Lay Off Staff

Norway's sovereign wealth fund has saved billions of kroner by applying AI in trading and investment decisions. However, its CEO Nicolai Tangen clearly stated that these gains will not be used for layoffs.

Tangen emphasized in an interview that AI should be introduced to boost productivity and create value, not replace human labor. He described layoffs as 'destructive' and opposed using technology to cut jobs.

This stance contrasts with some companies—like Gemini Trading Platform, which laid off staff while rolling out AI tools. The Norwegian fund's approach reflects human-centric considerations in tech application, treating AI as an enabling tool rather than a replacement.