As artificial intelligence becomes more integrated into its processes, global banking giant DBS Group anticipates a 10% decrease in staff over the next three years, the company’s CEO Piyush Gupta said on Monday. CEO Piyush Gupta said on Monday that artificial intelligence is becoming more and more integrated into operations.

According to Gupta, AI is unique and unlike any other technology that has been used in the past. He also said that, for the first time in his more than 15 years as the head of the Singaporean bank, he is having difficulty creating new positions.

“I am currently projecting that we will reduce our workforce by 4,000 or 10% over the next three years,” Gupta said at an event hosted by the Indian IT industry trade group Nasscom.

“AI is very powerful,” Gupta said, attributing his perspective to the development of AI. It has the ability to imitate and self-create.

Gupta said that AI is “different” and that the organization has not had any layoffs in the last 10 years. In 2016–17, the bank undertook a digital transformation that affected 1,600 employees, he said, although almost all of them were repurposed after consulting with unions and other stakeholders.

On the other hand, repurposing the workforce is another issue facing us in the AI era.

The bank said that it has completed a first use case on addressing customers directly and intends to expand it by the end of the year, but it has been hesitant to depend entirely on AI for client outreach due to factors like hallucinations. According to Gupta, DBS began using generative AI solutions two years ago, but the full advantages of this technology have not yet been realized.

According to Gupta, the company is now using AI in all areas of its operations, including employment, credit underwriting, and client outreach. However, its first experiment with AI in 2012–13 did not turn out well.

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