DBS to reduce workforce by 4,000 in 3 years because of AI adoption: CEO

DBS Group expects a 10% reduction in its workforce in the next three years as artificial intelligence adoption goes deeper into the operations, its chief executive Piyush Gupta said on Monday.

Gupta said AI is different and unlike any other technologies adopted in the past and added that he is struggling to create new jobs for the first time in his over 15-year stint at the helm of the Singapore-based bank. “This year, my current projection is that in the next three years, we are going to shrink our workforce by 4,000 or 10%,” Gupta said at a Nasscom event in Mumbai. Gupta added, “AI is very powerful.