Major South Asian monetary service supplier DBS Group plans to chop 4,000 jobs over the following three years because it expects synthetic intelligence (AI) to tackle roles carried out by people more and more, its CEO Piyush Gupta stated on Monday.
“My current projection in the next three years is we’ll shrink our workforce by about 4,000 or 10%,” Gupta stated at an trade convention in Mumbai. The outgoing CEO, nevertheless, stated 1,000 new positions shall be added in AI.
Gupta is among the many first main banking chiefs to put out particulars of doable job losses resulting from AI.
“In my 15 years of being a CEO, for the first time, I’m struggling to create jobs. So far, I’ve always had a line of sight to what jobs I can create. This time, I’m struggling to say how I will repurpose people to create jobs,” Gupta added.
The discount in workforce will come from pure attrition as temp and contract roles roll off over the following few years, a spokesperson from DBS stated in an emailed response to Reuters.
DBS CEO Piyush Gupta is ready to be succeeded by Tan Su Shan on March 28 to guide Southeast Asia’s greatest financial institution.
Source: www.dailysabah.com