South Korea criticises Japanese officials' visit to Tokyo war shrine
The South Korean government has voiced “deep disappointment and regret” over visits by Japanese officials to a controversial war shrine in Tokyo, ...
DBS Group, Southeast Asia’s largest bank, announced plans to cut approximately 4,000 jobs - about 10% of its current workforce - over the next three years as artificial intelligence increasingly assumes roles traditionally performed by human employees.
Chief Executive Officer Piyush Gupta made the announcement at an industry conference in Mumbai on Monday.
“Our current projection in the next three years is to shrink our workforce by about 4,000 jobs,” Gupta said, highlighting the significant impact that AI is expected to have on traditional banking roles. He added that for the first time in his 15-year tenure as CEO, he is facing challenges in creating jobs, stating, “I’m struggling to say how will I repurpose people to create jobs.”
While the bank plans to reduce its headcount through natural attrition - primarily as temporary and contract roles roll off - Gupta also revealed that DBS intends to offset some of the losses by adding 1,000 new positions dedicated to AI initiatives. These roles will focus on leveraging AI to enhance operational efficiency and drive innovation within the bank.
Gupta’s announcement comes at a time when DBS is preparing for a leadership transition. He is set to be succeeded by Tan Su Shan on March 28, who will lead the bank into its next phase of technological transformation.
A DBS spokesperson confirmed in an emailed response to Reuters that the planned reductions would largely occur as current temporary and contract roles expire naturally over the coming years. The move marks one of the first instances among major banking chiefs of openly discussing potential job losses driven by AI, underscoring the transformative impact of technology on the financial services sector.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
A resumption of Iraq’s Kurdish oil exports is not expected in the near term, sources familiar with the matter said on Friday, despite an announcement by Iraq’s federal government a day earlier stating that shipments would resume immediately.
A magnitude 5.2 earthquake struck 56 kilometres east of Gorgan in northern Iran early Sunday morning, according to preliminary seismic data.
The U.S. government on Wednesday signed an executive order to ease federal regulations on commercial rocket launches, potentially benefiting SpaceX and other private space companies.
For now, Earth is the only confirmed cradle of life in the universe, but every new discovery of distant worlds brings us closer to answering one of humanity’s oldest questions: could some of them be home to intelligent beings?
Artificial intelligence (AI) start-up Perplexity has made a surprise $34.5bn takeover bid for Google's Chrome internet browser
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Scientists have discovered previously unknown communities of deep-sea creatures that survive by converting chemicals into energy, rather than feeding on organic matter, during dives into two of the Pacific Ocean’s deepest trenches.
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