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DBS Layoffs | DBS to cut 4,000 temporary jobs over next 3 years; 1,000 new jobs to be added in AI: CEO | Company Business News
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DBS Layoffs | DBS to cut 4,000 temporary jobs over next 3 years; 1,000 new jobs to be added in AI: CEO
- DBS Layoffs: Outgoing DBS Group CEO Piyush Gupta said that despite the layoffs, the company plans to add 1,000 new positions in AI. He is among the first major banking chiefs to describe possible job losses due to AI.
DBS Layoffs: DBS Group plans to cut 4,000 temporary jobs over the next three years as it expects artificial intelligence (AI) to take on roles carried out by humans. According to news agency Reuters, DBS Group Chief Executive Officer (CEO) Piyush Gupta said that despite the layoffs, the company plans to add 1,000 new positions in AI. DBS Group’s Gupta is among the first major banking chiefs to discuss the possible job losses due to AI in the future.
“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. I’m struggling to say how I will repurpose people to create jobs this time,” said the outgoing CEO. Southeast Asia’s largest lender has 8,000 to 9,000 of such staff.
Attributing his outlook to the advent of AI, Gupta said, “AI is very powerful. It can self-create and also mimick”. Pointing out that AI is “different”, Gupta said in the last ten years, there have not been any job cuts in the group.
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DBS Layoffs: How the Singapore bank plans to add ‘AI jobs’
The CEO reminisced that 2016-17, the banking major embarked on a digital transformation that impacted 1,600 people. Gupta added that almost all of them were repurposed in consultation with unions and representatives. However, he added that the current challenge in the age of AI also revolves around how to repurpose the workforce in the Singapore-based bank.
The group is using AI across the business now, including customer outreach, credit underwriting and hiring, Gupta said, adding that its first brush with AI in 2012-13 was not very successful. A DBS spokesperson told Reuters that the 4,000 jobs lost would be temporary, contractual staff members of the DBS Group working across 19 markets on specific projects.
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Gupta said the bank has been cautious about relying fully on AI for customer outreach because of aspects like hallucinations. Still, it had made its first use case of reaching customers directly and plans to broaden its base by the end of the year. “DBS started implementing generative AI solutions two years back, and all the benefits of generative AI are yet to be seen,” he said.
“We expect the reduction in workforce will come from natural attrition as these temporary and contract roles are completed over the next few years,” the spokesperson said, adding that the permanent staff across its operations would not be impacted. Tan Su Shan will succeed DBS CEO Piyush Gupta on March 28, 2025, as the leader of Southeast Asia’s biggest bank.
According to a Bloomberg Intelligence Report, global banks will cut as many as 200,000 jobs in the next three to five years as AI encroaches on tasks currently carried out by human workers. Several companies’ Chief information and technology officers surveyed for the report indicated that, on average, they expect a net three per cent of their workforce to be cut.
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Group CEO Piyush Gupta said that despite the layoffs, the company plans to add 1,000 new positions in AI. He is among the first major banking chiefs to describe possible job losses due to AI.”,”handpicked”:false,”audienceTags”:”tc11_f,fmrk”,”autoBackLinked”:false,”aiContent”:false,”aiContentType”:null,”removeAds”:false,”contextualKeyword”:”HDFC1″,”embedAmazonCount”:0,”embedCromaCount”:0,”embedFlipkartCount”:0,”embedSnapdealCount”:0,”tableOfContentsHeading”:[],”performanceArticleType”:null,”prContextualKeywords”:”PLKeywords,plc1″,”sectionId”:1544079234425,”subSectionId”:1544684604185,”typeOfFormat”:null,”crawledWidgetType”:null,”crawledWidgetData”:null},”isDeleted”:0,”expiryDate”:null,”listRelatedStories”:null,”type”:”story”,”relatedStories”:null,”listElement”:[{“id”:11740571779041,”articleType”:”element”,”name”:”paragraph”,”title”:””,”type”:”paragraph”,”subType”:null,”paywallElement”:false,”paragraph”:{“body”:”u003cpu003eu003cstrongu003eDBS Layoffs: u003c/strongu003eu003ca class=”manualbacklink” target=”_blank” href=”https://www.livemint.com/topic/dbs-group”u003eDBS Groupu003c/au003e plans to cut 4,000 temporary jobs over the next three years as it expects u003ca class=”manualbacklink” target=”_blank” href=”https://www.livemint.com/ai/artificial-intelligence”u003eartificial intelligence (AI) u003c/au003eto take on roles carried out by humans. According to news agency Reuters, DBS Group Chief Executive Officer (CEO) Piyush Gupta said that despite the u003ca class=”manualbacklink” target=”_blank” href=”https://www.livemint.com/topic/layoff”u003elayoffsu003c/au003e, the company plans to add 1,000 new positions in AI. DBS Group’s Gupta is among the first major banking chiefs to discuss the possible job losses due to AI in the future.u003c/pu003e”},”bgParaColor”:{“name”:””,”code”:””},”amazonAds”:null,”flipkartAds”:null,”cromaAds”:null,”containAffiliateEmbed”:false,”affiliateEmbedHeadline”:false},{“id”:11740571779041,”articleType”:”element”,”name”:”paragraph”,”title”:””,”type”:”paragraph”,”subType”:null,”paywallElement”:false,”paragraph”:{“body”:”u003cpu003e“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. I’m struggling to say how I will repurpose people to create u003ca class=”manualbacklink” target=”_blank” href=”https://www.livemint.com/topic/jobs-news”u003ejobsu003c/au003e this time,” said the outgoing CEO. Southeast Asia’s largest lender has 8,000 to 9,000 of such staff.u0026nbsp;u003c/pu003e”},”bgParaColor”:{“name”:””,”code”:””},”amazonAds”:null,”flipkartAds”:null,”cromaAds”:null,”containAffiliateEmbed”:false,”affiliateEmbedHeadline”:false},{“id”:11740571779041,”articleType”:”element”,”name”:”paragraph”,”title”:””,”type”:”paragraph”,”subType”:null,”paywallElement”:false,”paragraph”:{“body”:”u003cpu003eAttributing his outlook to the advent of AI, Gupta said, “AI is very powerful. It can self-create and also mimick”. Pointing out that AI is “different”, Gupta said in the last ten years, there have not been any job cuts in the group.u003c/pu003e”},”bgParaColor”:{“name”:””,”code”:””},”amazonAds”:null,”flipkartAds”:null,”cromaAds”:null,”containAffiliateEmbed”:false,”affiliateEmbedHeadline”:false},{“id”:11740571779041,”articleType”:”element”,”name”:”paragraph”,”title”:””,”type”:”paragraph”,”subType”:null,”paywallElement”:false,”paragraph”:{“body”:”u003cpu003eu003cstrongu003eAlso Read: u003c/strongu003eu003ca class=”manualbacklink” target=”_blank” href=”https://www.livemint.com/companies/news/apple-to-invest-500-billion-create-20-000-us-jobs-joins-meta-softbank-in-1-trillion-push-11740540334531.html”u003eApple to invest $500 billion, create 20,000 US jobs; joins Meta, SoftBank in $1 trillion pushu003c/au003eu003c/pu003e”},”bgParaColor”:{“name”:””,”code”:””},”amazonAds”:null,”flipkartAds”:null,”cromaAds”:null,”containAffiliateEmbed”:false,”affiliateEmbedHeadline”:false},{“id”:11740571779041,”articleType”:”element”,”name”:”paragraph”,”title”:””,”type”:”paragraph”,”subType”:null,”paywallElement”:false,”paragraph”:{“body”:”u003ch2u003eDBS Layoffs: How the Singapore bank plans to add ‘AI jobs’u003c/h2u003eu003cpu003eThe CEO reminisced that 2016-17, the banking major embarked on a digital transformation that impacted 1,600 people. Gupta added that almost all of them were repurposed in consultation with unions and representatives. However, he added that the current challenge in the age of AI also revolves around how to repurpose the workforceu003ca class=”manualbacklink” target=”_blank” href=”https://www.livemint.com/companies/people/singapore-dbs-bank-appoints-rajat-verma-as-india-ceo-from-march-2025-who-is-he-rbi-banking-news-surojit-shome-retire-11735610145644.html”u003e in the Singapore-based bank.u003c/au003eu003c/pu003e”},”bgParaColor”:{“name”:””,”code”:””},”amazonAds”:null,”flipkartAds”:null,”cromaAds”:null,”containAffiliateEmbed”:false,”affiliateEmbedHeadline”:false},{“id”:11740571779041,”articleType”:”element”,”name”:”paragraph”,”title”:””,”type”:”paragraph”,”subType”:null,”paywallElement”:false,”paragraph”:{“body”:”u003cpu003eThe group is using AI across the business now, including customer outreach, credit underwriting and hiring, Gupta said, adding that its first brush with AI in 2012-13 was not very successful. A DBS spokesperson told Reuters that the 4,000 jobs lost would be temporary, contractual staff members of the DBS Group working across 19 markets on specific projects.u0026nbsp;u003c/pu003e”},”bgParaColor”:{“name”:””,”code”:””},”amazonAds”:null,”flipkartAds”:null,”cromaAds”:null,”containAffiliateEmbed”:false,”affiliateEmbedHeadline”:false},{“id”:11740571779041,”articleType”:”element”,”name”:”paragraph”,”title”:””,”type”:”paragraph”,”subType”:null,”paywallElement”:false,”paragraph”:{“body”:”u003cpu003eu003cstrongu003eAlso Read:u003c/strongu003e u003ca class=”manualbacklink” target=”_blank” href=”https://www.livemint.com/companies/news/starbucks-layoffs-coffeehouse-chain-cuts-1-100-corporate-jobs-to-increase-firms-efficiency-11740410156434.html”u003eStarbucks Layoffs: Coffeehouse chain cuts 1,100 corporate jobs to increase firm’s efficiencyu003c/au003eu003c/pu003e”},”bgParaColor”:{“name”:””,”code”:””},”amazonAds”:null,”flipkartAds”:null,”cromaAds”:null,”containAffiliateEmbed”:false,”affiliateEmbedHeadline”:false},{“id”:11740571779041,”articleType”:”element”,”name”:”paragraph”,”title”:””,”type”:”paragraph”,”subType”:null,”paywallElement”:false,”paragraph”:{“body”:”u003cpu003eGupta said the bank has been cautious about relying fully on AI for customer outreach because of aspects like hallucinations. Still, it had made its first use case of reaching customers directly and plans to broaden its base by the end of the year. “DBS started implementing generative AI solutions two years back, and all the benefits of generative AI are yet to be seen,” he said.u003c/pu003e”},”bgParaColor”:{“name”:””,”code”:””},”amazonAds”:null,”flipkartAds”:null,”cromaAds”:null,”containAffiliateEmbed”:false,”affiliateEmbedHeadline”:false},{“id”:11740571779041,”articleType”:”element”,”name”:”paragraph”,”title”:””,”type”:”paragraph”,”subType”:null,”paywallElement”:false,”paragraph”:{“body”:”u003cpu003e”We expect the reduction in workforce will come from natural attrition as these temporary and contract roles are completed over the next few years,” the spokesperson said, adding that the permanent staff across its operations would not be impacted. Tan Su Shan will succeed DBS CEO Piyush Gupta on March 28, 2025, as the leader of Southeast Asia’s biggest bank.u003c/pu003e”},”bgParaColor”:{“name”:””,”code”:””},”amazonAds”:null,”flipkartAds”:null,”cromaAds”:null,”containAffiliateEmbed”:false,”affiliateEmbedHeadline”:false},{“id”:11740571779041,”articleType”:”element”,”name”:”paragraph”,”title”:””,”type”:”paragraph”,”subType”:null,”paywallElement”:false,”paragraph”:{“body”:”u003cpu003eu003cstrongu003eAlso Read:u003c/strongu003e u003ca class=”manualbacklink” target=”_blank” href=”https://www.livemint.com/economy/hong-kong-to-cut-thousands-of-civil-service-jobs-invest-in-ai-to-tackle-rising-deficit-11740571450671.html”u003eHong Kong to cut thousands of civil service jobs, invest in AI to tackle rising deficitu003c/au003eu003c/pu003e”},”bgParaColor”:{“name”:””,”code”:””},”amazonAds”:null,”flipkartAds”:null,”cromaAds”:null,”containAffiliateEmbed”:false,”affiliateEmbedHeadline”:false},{“id”:11740571779041,”articleType”:”element”,”name”:”paragraph”,”title”:””,”type”:”paragraph”,”subType”:null,”paywallElement”:false,”paragraph”:{“body”:”u003cpu003eAccording to a Bloomberg Intelligence Report, global banks will cut as many as 200,000 jobs in the next three to five years as AI encroaches on tasks currently carried out by human workers. Several companies’ Chief information and technology officers surveyed for the report indicated that, on average, they expect a net three per cent of their workforce to be cut.u003c/pu003e”},”bgParaColor”:{“name”:””,”code”:””},”amazonAds”:null,”flipkartAds”:null,”cromaAds”:null,”containAffiliateEmbed”:false,”affiliateEmbedHeadline”:false}],”amazonAds”:null,”flipkartAds”:null,”cromaAds”:null,”containAffiliateEmbed”:false,”affiliateEmbedHeadline”:true,”headline”:”DBS Layoffs | DBS to cut 4,000 temporary jobs over next 3 years; 1,000 new jobs to be added in AI: CEO”,”summary”:”u003culu003eu003cliu003eDBS Layoffs: Outgoing DBS Group CEO Piyush Gupta said that despite the layoffs, the company plans to add 1,000 new positions in AI. 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