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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Firebird, an AI cloud company, in partnership with the Armenian government and with support from NVIDIA, announced today a bold vision to build advanced AI infrastructure aimed at accelerating technological innovation and positioning the Caucasus region as a leading AI hub.
Meta CEO Mark Zuckerberg has launched a 'superintelligence' project to take artificial intelligence to a new level. According to Bloomberg, Zuckerberg is assembling an exclusive team of leading AI experts to create technology that surpasses human-level capabilities.
Prime Minister Petteri Orpo has announced Finland's ambition to host a European AI gigafactory. The move aims to boost national growth by building on the success of the LUMI supercomputer, with telecommunications giant Nokia poised to lead the project's business consortium.
Kazakhstan and Meta are exploring joint efforts to boost AI innovation, strengthen digital safety, and enhance online protections for the youth. A new Instagram tool for teens and a forum at Maqsut Narikbayev University mark steps toward safer digital spaces.
The Agreement between the Governments of Azerbaijan and the Maldives, which exempts holders of diplomatic, service, and official passports from visa requirements, officially takes effect on June 18, 2025.
The 7th International Music Festival “World of Mugham” opened with a grand ceremony at the Heydar Aliyev Palace in Baku on June 17, uniting artists and scholars from over 25 countries.
The second day of the annual June Climate Meetings in Bonn focused on preparations for the upcoming COP30 conference.
Leaders from China and five Central Asian nations convene in Astana, Kazakhstan, for the Second China–Central Asia Summit (June 16–18, 2025).
South Korea and Japan have agreed to deepen their cooperation with the United States in addressing regional security challenges, including North Korea, during a bilateral meeting held on the sidelines of the G7 summit in Canada, according to local media reports.
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Pakistan will begin its first freight train service to Russia from Lahore on June 22. The route is part of the INSTC and aims to connect Pakistan's rail network with Central Asia, establishing a new trade corridor via Iran, Turkmenistan, and Kazakhstan.
Israeli strikes have reportedly targeted areas near the residences of Iran’s Supreme Leader Ayatollah Ali Khamenei and President Masoud Pezeshkian, according to the New York Times, citing local witnesses.
Azerbaijan Airlines (AZAL) has cancelled certain flights scheduled for 13th and 14th June amid recent escalation of situation in the Middle East and the closure of airspace in several countries for security reasons.
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OpenAI CEO Sam Altman has alleged that Meta Platforms offered signing bonuses as high as $100 million to OpenAI employees in an attempt to recruit top talent, underscoring the intensifying competition among tech firms for artificial intelligence expertise.
The Trump Organization has unveiled "Trump Mobile," a $499 smartphone and wireless service aimed at conservative consumers, marking its entry into the highly competitive telecom market.
Scientists at the South China University of Technology have engineered a new ceramic material that pushes the boundaries of heat resistance, a development with major implications for hypersonic flight, rocket engines, and energy production.
The National Election Board of Ethiopia (NEBE) has announced a landmark shift in its electoral process, declaring that the general elections scheduled for mid-2026 will be conducted using a fully digital system.
Prime Minister Petteri Orpo has announced Finland's ambition to host a European AI gigafactory. The move aims to boost national growth by building on the success of the LUMI supercomputer, with telecommunications giant Nokia poised to lead the project's business consortium.
The Agreement between the Governments of Azerbaijan and the Maldives, which exempts holders of diplomatic, service, and official passports from visa requirements, officially takes effect on June 18, 2025.
The 7th International Music Festival “World of Mugham” opened with a grand ceremony at the Heydar Aliyev Palace in Baku on June 17, uniting artists and scholars from over 25 countries.
The second day of the annual June Climate Meetings in Bonn focused on preparations for the upcoming COP30 conference.
Leaders from China and five Central Asian nations convene in Astana, Kazakhstan, for the Second China–Central Asia Summit (June 16–18, 2025).
South Korea and Japan have agreed to deepen their cooperation with the United States in addressing regional security challenges, including North Korea, during a bilateral meeting held on the sidelines of the G7 summit in Canada, according to local media reports.
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