DBS Bank on Monday issued clarification on an earlier report wherein the company CEO Piyush Gupta had said that the banking giant plans to cut 4,000 jobs over the next three years due to deeper integration of artificial intelligence (AI) into its operations. In a statement shared with FinancialExpress.com, the company said that the CEO was referring to temporary and contractual staff.
In a statement, DBS Bank said, “The reduction of 4,000 employees over the next three years will primarily involve contract and temporary staff. The workforce reduction will also come from natural attrition, as temporary and contract roles roll off over the coming years.”
ALSO READDBS Group plans 10% workforce reduction amid AI integration
Earlier while speaking at a Nasscom event, Piyush Gupta had said that DBS Group anticipates a 10 per cent reduction in its workforce over the next three years due to deeper integration of artificial intelligence (AI) into its operations. He highlighted how AI is unlike any other technology previously adopted, making workforce restructuring inevitable.
“This year, my current projection is that in the next three years, we are going to shrink our workforce by 4,000 or 10 per cent,” Gupta had said, while adding “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 will I repurpose people to create jobs.”
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