CEO of DBS Group Holdings, Piyush Gupta, has announced plans to reduce workforce by 4,000 over the next 3 years, believing that artificial intelligence will increasingly replace human workers. This reduction will start with temporary employees and contract staff who will not have their contracts renewed. Currently, DBS has a workforce of 8,000-9,000 in this group and a total of 41,000 employees. DBS has confirmed that permanent employees will not be impacted.
According to a January report by Bloomberg Intelligence, the banking sector as a whole is expected to reduce workforce by 3% in the next 3-5 years, totaling 200,000 job cuts.
Source – Strait Times
TLDR: DBS Group Holdings CEO announces plan to cut 4,000 jobs over 3 years, citing increased use of artificial intelligence in the workforce. This comes amidst a broader trend in the banking sector to reduce jobs by 3% in the next few years.
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