DBS, headquartered in Singapore, has announced plans to reduce its workforce by 4,000 positions over the next three years, citing the increasing capability of artificial intelligence (AI) to replace human tasks.
A spokesperson for DBS indicated that the reduction in temporary and contract roles will primarily come from natural attrition, and full-time employees are not expected to be adversely affected.
Additionally, DBS Group CEO Piyush Gupta stated that the bank anticipates creating around 1,000 new jobs related to AI, highlighting a shift towards integrating technology within the workforce while also adapting to changing labor demands.
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