MUMBAI, February 24 (Reuters) – DBS Group (DBSM.SI) intends to reduce its workforce by 4,000 employees over the next three years, according to Chief Executive Officer Piyush Gupta, who cited the rising influence of artificial intelligence (AI) in fulfilling roles previously handled by humans.
“My current projection in the next three years, we’ll shrink our workforce by about 4,000 or 10%,” Gupta stated at an industry conference in Mumbai on Monday. However, he also noted that the bank plans to create 1,000 new positions directly related to AI.
Gupta is among the first prominent banking leaders to disclose the potential for job cuts due to the advancement of AI technologies. He expressed the complexities this presents.
“In my 15 years of being a CEO, for the first time, I’m struggling to create jobs. So far, I’ve always had a line of sight to what jobs I can create. This time I’m struggling to say how will I repurpose people to create jobs,” Gupta added.
A DBS spokesperson confirmed via email that the workforce reduction would primarily occur through natural attrition, with temporary and contract positions being phased out over the coming years.
Gupta is scheduled to be succeeded as CEO by Tan Su Shan on March 28. DBS is Southeast Asia’s largest bank.
