Job creation in the new era of technological disruption, particulary with the emergence of artificial intelligence capabilities, will be a challenges, according to DBS CEO Piyush Gupta.
DBS anticipates that its workforce will shrink by 10 percent over the next three years, according to a report by news agency «Press Trust of India». This is equivalent to around 4,000 jobs compared to its current total staff of 41,000. 1,000 new jobs are also expected to be added in artificial intelligence (AI).
A spokesperson for the bank said the reduction will come from «natural attrition as temporary and contract roles roll off over the next few years».
AI Era
The figure relates to comments from outgoing CEO Piyush Gupta who spoke about workforce-related challenges in the AI era.
«In my 15 years of being a CEO, for the first time, I’m struggling to create jobs,» said Gupta at an event hosted by Indian IT industry lobby group Nasscom. «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.»
