DBS Group to shrink workforce by 4,000 in 3 years due to AI adoption: CEO Piyush Gupta

Global banking major DBS Group expects a 10 per cent reduction in its workforce over 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 Singaporean bank.