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.
A Florida judge has ruled that a mother’s lawsuit can proceed against AI startup Character.ai, following the suicide of her 14-year-old son who allegedly became addicted to the company’s chatbot app.
Meta has signed another major solar energy agreement, acquiring 650 megawatts (MW) of clean power capacity across Kansas and Texas to support the rapid expansion of its AI-driven data centers, the company confirmed Thursday.
Huawei Cloud wrapped up its TechWave Summit 2025 in Tashkent with a strong focus on AI-powered cloud solutions transforming industries across the Middle East and Central Asia.
Google announced a new “AI Mode” for its search engine in the United States, aiming to make searching feel more like talking to an expert who can answer almost any question.
Microsoft announced on Monday that it will begin hosting AI models from Elon Musk's xAI, Meta Platforms, and European startups like Mistral and Black Forest Labs in its own data centers.
Ukrainian President Volodymyr Zelenskyy has strongly criticized the United States for staying silent after Russia carried out its biggest air attack since the war began. He believes this lack of action only encourages Russian President Vladimir Putin to continue his aggression.
Spain has brought together foreign ministers from the European Union and Arab nations in Madrid for urgent talks aimed at addressing the escalating conflict in Gaza and advancing diplomatic efforts toward a ceasefire.
Lando Norris secures a tactical victory at the Monaco Grand Prix, starting from pole and finishing ahead of Ferrari’s Charles Leclerc and McLaren teammate Oscar Piastri, tightening the Formula One championship battle.
Five skiers have been found dead after a suspected avalanche near Switzerland’s Rimpfischhorn mountain, close to the upscale resort of Zermatt. The discovery, made after authorities were alerted to abandoned skis, has prompted an investigation into the tragedy.
During his visit to Azerbaijan on May 25, Ukrainian Foreign Minister Andrii Sybiha commemorated historical and cultural connections between the two countries by visiting symbolic landmarks in Baku.
Tensions flare in the India-France Rafale deal as France refuses to share the fighter jet’s source code, limiting India’s ability to integrate indigenous weapons and reducing its combat autonomy.
France has rejected India’s request to share source codes needed to integrate indigenous weapons into Rafale fighter jets. Despite repeated appeals, French manufacturer Dassault Aviation has refused to compromise on the issue
AnewZ takes to the streets of Yerevan and Baku to ask a simple yet deeply complex question: How do you see peace between Armenia and Azerbaijan? In the first part of our special report, we hear the hopes, doubts, and scars still shaping people’s perspectives on both sides.
Anton Kobyakov, adviser to Russian President Vladimir Putin, claimed at the St. Petersburg International Legal Forum that the USSR’s dissolution was legally invalid and that the Soviet Union still exists under constitutional law, framing the Ukraine war as an “internal process.”
Kyiv faced a large-scale Russian drone and missile assault overnight, with explosions and gunfire echoing throughout the city, forcing residents to shelter in subway stations.
A Florida judge has ruled that a mother’s lawsuit can proceed against AI startup Character.ai, following the suicide of her 14-year-old son who allegedly became addicted to the company’s chatbot app.
At Computex 2025 in Taipei, standout innovations included Acer's affordable smart ring, Asus's gamer-centric split keyboard, and MSI's AMD-powered Claw A8 handheld gaming device.
At its inaugural developer conference on Thursday, Anthropic unveiled two new AI models, Claude Opus 4 and Claude Sonnet 4, part of its next-generation Claude 4 family.
Cryptocurrency exchange Coinbase has confirmed that at least 69,461 customers had personal and financial information stolen in a months-long data breach, which the company disclosed last week.
Taiwan's Computex tech show brought together thousands of international participants on Tuesday, showcasing the highly advanced Artificial Intelligence and robotic systems.
Ukrainian President Volodymyr Zelenskyy has strongly criticized the United States for staying silent after Russia carried out its biggest air attack since the war began. He believes this lack of action only encourages Russian President Vladimir Putin to continue his aggression.
Spain has brought together foreign ministers from the European Union and Arab nations in Madrid for urgent talks aimed at addressing the escalating conflict in Gaza and advancing diplomatic efforts toward a ceasefire.
Lando Norris secures a tactical victory at the Monaco Grand Prix, starting from pole and finishing ahead of Ferrari’s Charles Leclerc and McLaren teammate Oscar Piastri, tightening the Formula One championship battle.
Five skiers have been found dead after a suspected avalanche near Switzerland’s Rimpfischhorn mountain, close to the upscale resort of Zermatt. The discovery, made after authorities were alerted to abandoned skis, has prompted an investigation into the tragedy.
During his visit to Azerbaijan on May 25, Ukrainian Foreign Minister Andrii Sybiha commemorated historical and cultural connections between the two countries by visiting symbolic landmarks in Baku.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment