DBS Group said on Monday (Feb 24) it plans to cut 4,000 of its contract and temporary staff workforce as it expects artificial intelligence (AI) to increasingly take on roles carried out by humans.
In a response to a Bloomberg query, DBS confirmed a Press Trust of India news agency report which said the bank will trim its workforce as it further adopts AI across its business, according to CEO Piyush Gupta.
In response to CNA’s queries, DBS said that the workforce reduction “will come from natural attrition as temp and contract roles roll off over the next few years”.
DBS currently has about 8,000 to 9,000 contract and temporary staff, Gupta told Bloomberg.
Gupta is set to be succeeded by Tan Su Shan on Mar 28 to lead Southeast Asia’s biggest bank.
He said the reduction in the workforce is set to happen over the next three years, adding that permanent staff will not be affected.
