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

The reduction in workforce is expected to come from natural attrition as these temporary and contract roles are completed over the next few 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. 

Per the report, Gupta had admitted facing a struggle to create jobs as AI gains prominence. 

In a statement to HRO, a DBS spokesperson said: "Over the next 3 years, we envisage that AI could reduce the need to renew about 4,000 temporary/ contract staff across our 19 markets working on specific projects."

As such, the reduction in workforce is expected to come from natural attrition as these temporary and contract roles are completed over the next few years, the spokesperson added. 

 DBS' permanent staff across all its markets are not impacted by this. 

The spokesperson told HRO that the bank will continue to invest in upskilling and reskilling its employees to enable them to be future ready. About 13,000 staff have been identified for upskilling or reskilling and, to date, more than 10,000 have commenced their respective learning roadmaps, including on skills such as AI and data.

Read the full statement below:

"Over the next 3 years, we envisage that AI could reduce the need to renew about 4,000 temporary/ contract staff across our 19 markets working on specific projects. As such, we expect the reduction in workforce will come from natural attrition as these temporary and contract roles are completed over the next few years.

"Our permanent staff across all our markets are not impacted.

"We will continue to invest in upskilling and reskilling our employees to enable them to be future ready. We have identified around 13,000 staff for upskilling or reskilling and to date, over 10,000 have commenced their respective learning roadmaps, including on skills such as AI and data."

Image: DBS media library