A Bloomberg Intelligence report last month said global banks were expected to cut as many as 200,000 jobs in the next three to five years as AI encroached on tasks currently carried out by humans.
The chief executive of the Development Bank of Singapore said the job cuts would be phased out over the next three years.
"My current projection in the next three years, we will shrink our workforce by about 4,000 or 10 per cent," Piyush Gupta said at an industry conference in Mumbai, India, on Monday.
A DBS spokesperson explained that the reduction in workforce would come from natural attrition as temporary and contract positions roll off over the next few years.
The outgoing chief executive, however, said 1,000 new positions would be added in AI.
