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Singapore's DBS is first bank to announce job losses to AI
SINGAPORE’S largest bank DBS has announced plans to cut 4,000 jobs over the next three years as artificial intelligence (AI) takes over more work done by humans.
DBS chief executive officer Piyush Gupta said that the bank will shrink its workforce by 10 per cent as he became the first major banking leader to lay out possible job losses due to AI.
The reduction in workforce will come from natural attrition as temporary and contract roles roll off over the next few years, a DBS spokesperson said.
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