DBS Group to reduce contract & temp headcount by about 4,000 over next 3 years as part of AI push

With CEO Piyush Gupta admitting a struggle to create jobs as AI gains prominence, the reduction will come from natural attrition as contract and temp roles "roll off" in the coming years.

DBS Group CEO Piyush Gupta has shared plans to reduce the banking major's contract and temp headcount by about 4,000 over the next three years, according to a Reuters report. 

As cited in the report, Gupta had shared that this will account for about 10% of its workforce, and comes as the Group expects AI to impact more roles in the coming years. That said, the CEO reportedly added that 1,000 new positions are expected to be added in AI. 

In a statement shared with Reuters, a spokesperson said the reduction "will come from natural attrition as temp and contract roles roll off over the next few years."

HRO has reached out to DBS for more details and will update this story once received.

Image: DBS media library