Singapore's largest bank DBS said that 4000 people could lose their jobs in the next three years. The bank has cited Artificial Intelligence (AI) as the reason behind this.
A DBS spokesperson said that the move will affect temporary and contract employees. This is because the workforce will decrease after the project is completed. However, this move will not affect permanent employees.
The bank's Chief Executive Piyush Gupta said that about one thousand new jobs related to AI will be created in the coming days. However, the company did not say how many people will be fired in Singapore.
The number of temporary and contract employees of DBS is between eight thousand and nine thousand. A total of 41 thousand people work in the bank.
Last year, Piyush Gupta had told that DBS has been working on AI for more than a decade.
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