'This time I'm struggling to say how will I repurpose people to create jobs,' CEO says
DBS Bank is planning to cut 4,000 roles over the next three years as its chief executive officer admits to "struggling to create jobs" in the wake of artificial intelligence, according to reports.
Piyush Gupta, CEO of the Singaporean multinational bank, made the remarks at an industry conference in Mumbai, India, Reuters reported.
"My current projection in the next three years, we'll shrink our workforce by about 4,000 or 10%," the CEO said, as quoted by the news outlet.
According to the report, the company is expecting AI to take on tasks carried out by humans, with the organisation planning to add 1,000 new positions in AI.
"In my 15 years of being a CEO, for the first time, I'm struggling to create jobs," Gupta said. "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."
Gupta is set to retire as DBS Bank's CEO next month, where he will be succeeded by Tan Su Shan.
DBS Bank has a total headcount of around 41,000 staff, according to The Straits Times.
Exact details regarding the layoffs, such as the number of Singaporean employees affected, as well as the impacted departments, have yet to be released.
But a DBS spokesperson told The Straits Times that the workforce reduction will come from "natural attrition as temporary and contract roles roll off over the next few years."
The DBS Bank's latest announcement demonstrates the projected impact of artificial intelligence in the workforce.
A previous report from the World Economic Forum that was released this year revealed that 41% of employers plan to downsize their workforce where AI can replicate people's work. However, another 47% of employers also said they plan to transition AI-affected employees to other roles in the organisation.
