The start of 2025 is not going as well as expected. For many global organisations, downsizing, restructuring, and layoffs have become a reality. DBS Group has announced plans to reduce its workforce by 10% over the next three years due to the integration of artificial intelligence (AI) into banking operations. According to CEO Piyush Gupta, this decision could affect around 4,000 employees.
Speaking at a Nasscom event, Gupta emphasised that AI is unlike any previous technology and has the potential to bring significant changes. He also acknowledged the challenge of job creation that comes with its adoption.
However, he assured stakeholders that the job reductions would primarily impact contract and temporary workers, with natural attrition playing a key role. Despite these challenges, DBS remains committed to a careful and responsible approach to AI adoption, particularly in customer engagement, with plans to expand its AI applications by the end of the year.
