Job Cuts Due to AI Loom at DBS as CEO Admits Struggle
DBS Group plans to cut 4,000 jobs over the next three years as it expects artificial intelligence (AI) to increasingly take on roles carried out by humans. The reduction in workforce will come from natural attrition as temp and contract roles roll off over the next few years. To mitigate this, DBS CEO Piyush Gupta announced that 1,000 new positions will be added in AI.
- This downsizing strategy reflects a broader trend of companies adapting to an automated future by redefining employee roles.
- What steps can regulatory bodies take to protect workers who may be displaced by automation and ensure they have access to necessary training and support?