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DBS Group plans to reduce its workforce by 10% over the next three years, equating to around 4,000 employees, due to the integration of artificial intelligence (AI) into its operations. CEO Piyush Gupta highlighted the transformative impact of AI on the banking sector, marking a significant shift in job dynamics. This reduction will mainly affect contract and temporary staff as the bank adapts to automation advancements.
Gupta emphasized that AI's capabilities are unprecedented, leading to job reductions rather than the repurposing of roles seen in previous technological shifts. While DBS has cautiously adopted AI for customer engagement, it has already implemented its first AI-driven outreach initiative, with plans for further expansion by 2025. The bank's journey with AI has evolved from initial failures to aggressive implementation across various functions, including customer outreach and credit underwriting.
• DBS Group to reduce workforce by 10% due to AI integration.
• AI's influence leads to job reductions rather than role repurposing.
AI is transforming banking operations, leading to significant workforce reductions.
Generative AI solutions are being implemented across various banking functions to improve efficiency.
DBS Group is integrating AI into its operations, resulting in a planned workforce reduction.
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