AI Surge Triggers Workforce Overhaul at DBS Bank

DBS Group, a major global bank, anticipates a 10% reduction in its workforce due to the deepening adoption of AI in operations. CEO Piyush Gupta acknowledges the power of AI and its impact, predicting a reduction of 4,000 staff over the next three years, primarily affecting contract and temporary roles.

In a significant move, DBS Group announced plans to cut its workforce by 10% over the coming three years, prompted by the integration of artificial intelligence (AI) into banking operations. CEO Piyush Gupta stated that the measure will potentially impact 4,000 employees.

Speaking at a Nasscom event, Gupta highlighted the unprecedented nature of AI, unlike any other technology previously adopted, emphasizing its transformative power. He acknowledged the resulting challenge of job creation for the first time in his tenure.

However, Gupta reassured stakeholders that job reductions would mainly affect contract and temporary workers, leveraging natural attrition. Despite AI's challenges, DBS remains committed to cautious adoption, especially in customer outreach, with plans to expand AI applications by year-end.

(With inputs from agencies.)