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.
In a significant move amid the global race for artificial intelligence dominance, Nvidia and Elon Musk’s xAI have joined a consortium backed by Microsoft and BlackRock to expand AI infrastructure across the United States.
Foxconn predicts AI server revenue will surpass iPhone revenue within two years, possibly as soon as this year. As a key Nvidia supplier, Foxconn is capitalizing on booming AI demand, with AI servers set to make up over half of its total server revenue in 2024.
Europol has warned that organised crime gangs are increasingly leveraging artificial intelligence to scale up scams and payment systems, making their operations more global, cost-efficient, and difficult to detect.
In a sweeping regulatory move aimed at curbing misinformation and enhancing transparency, Chinese authorities have announced new rules requiring all AI-generated content to be clearly labeled.
In early 2025, a new trend dubbed “vibe coding” is reshaping the way software is developed. Coined by computer scientist Andrej Karpathy, vibe coding refers to a paradigm where developers increasingly lean on AI to handle the bulk of the coding work.
Pope Francis will make his first public appearance in five weeks on Sunday, offering a blessing from his hospital window as he recovers from double pneumonia.
Two firefighters have tragically died and two more remain missing as wildfires continue to ravage South Korea, with over 20 fires burning across the country. The most severe blaze, in South Gyeongsang province, has already consumed hundreds of acres.
Ukrainian President Volodymyr Zelenskyy has visited the eastern Donetsk region, reinforcing the government’s commitment to maintaining stability and support for those affected by the ongoing conflict.
Tensions between Israel and Lebanon flared on Saturday after Israel launched airstrikes on southern Lebanon in response to a cross-border rocket attack, heightening concerns of further conflict in the region.
Lebanese Prime Minister Nawaf Salam has issued a stern warning about the possibility of renewed military operations in the south, following Israeli airstrikes in retaliation for a cross-border rocket launch.
NASA astronauts Butch Wilmore and Suni Williams completed an unexpectedly long 286-day mission on the ISS, returning to Earth aboard a SpaceX capsule after delays caused by technical issues with Boeing’s Starliner.
In a groundbreaking study published in Cell on January 18, Chinese researchers have unveiled a novel cancer treatment that ingeniously disguises tumors as pig tissue, triggering the body’s immune system to mount a hyperacute rejection response against the cancer cells.
Sweden’s Prime Minister Ulf Kristersson stated on Thursday that purchasing U.S. weapons does not pose a security risk for his country, but emphasized the need for Europe to reduce its reliance on American defense systems. His comments come amid growing discussions within Europe.
Russian President Vladimir Putin agreed on Tuesday to a proposal by U.S. President Donald Trump that Russia and Ukraine cease attacking each other's energy infrastructure for 30 days, the Kremlin said following a lengthy phone discussion between the leaders.
On March 16, at around 09:45, Armenian armed forces opened fire on Azerbaijani positions located in the direction of the Digh settlement in the Goris region, using firearms, according to Azerbaijan's Ministry of Defence.
Nvidia CEO Jensen Huang forecasted a rapid arrival of humanoid robots in manufacturing, stating that widespread use in factory settings is likely within the next few years.
A massive, unanticipated disconnection of data centers in a 30-square-mile area outside Washington, D.C. has exposed a fresh vulnerability in America’s electrical grid, raising concerns that the rapid expansion of Big Tech’s energy-hungry facilities could trigger cascading outages.
U.S. Commerce Department bureaus have reportedly issued a blanket ban on the Chinese AI model DeepSeek for use on government-furnished equipment, according to sources and a mass email seen by Reuters.
Apple’s current focus on an extensive visual overhaul of iOS 19 and macOS 16—rumored to be inspired by the design language of visionOS—might be distracting the company from addressing a more pressing issue: its long-delayed, underwhelming Siri.
In a sweeping regulatory move aimed at curbing misinformation and enhancing transparency, Chinese authorities have announced new rules requiring all AI-generated content to be clearly labeled.
Pope Francis will make his first public appearance in five weeks on Sunday, offering a blessing from his hospital window as he recovers from double pneumonia.
Two firefighters have tragically died and two more remain missing as wildfires continue to ravage South Korea, with over 20 fires burning across the country. The most severe blaze, in South Gyeongsang province, has already consumed hundreds of acres.
Ukrainian President Volodymyr Zelenskyy has visited the eastern Donetsk region, reinforcing the government’s commitment to maintaining stability and support for those affected by the ongoing conflict.
Tensions between Israel and Lebanon flared on Saturday after Israel launched airstrikes on southern Lebanon in response to a cross-border rocket attack, heightening concerns of further conflict in the region.
Lebanese Prime Minister Nawaf Salam has issued a stern warning about the possibility of renewed military operations in the south, following Israeli airstrikes in retaliation for a cross-border rocket launch.
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