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.
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FindinFinding a job is becoming increasingly difficult for many young people in China, with some now turning to unusual methods, including dating apps, to improve their chances of employment.
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