A bank will lay off 4,000 employees in 3 years and increase its use of artificial intelligence

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According to local media reports, DBS Bank Chairman Piyush Gupta made assessments on the effects of artificial intelligence on the banking sector at a conference held in Mumbai, India.

Stating that he expects artificial intelligence to take over more of the work done by humans, Gupta said, "According to my current estimate, we will reduce our workforce by about 4,000 people, or 10 percent, in the next 3 years."

CONSIDERING TO LAID DOWN HALF OF ITS 9,000 EMPLOYEES

Gupta emphasized that the layoffs will consist of contract employees, while they plan to open approximately 1,000 new positions related to artificial intelligence.

No detailed information was given about which positions would be affected by the layoffs.

DBS Bank, which employs approximately 41 thousand people, has 8 to 9 thousand contract employees.