DBS Group plans to reduce its workforce by 4,000 jobs over the next three years as artificial intelligence (AI) assumes more responsibilities currently handled by humans, announced Chief Executive Officer Piyush Gupta on Monday at an industry conference in Mumbai.

Gupta mentioned, "In the next three years, we'll shrink our workforce by about 4,000 or 10%," adding that 1,000 new positions in AI will be created.

Speaking about this change, Gupta noted, "In my 15 years as CEO, I've always had a line of sight on creating jobs, but now, I'm finding it challenging to repurpose people to generate new job opportunities."

The company stated that the reduction in staff would primarily occur through natural attrition as temporary and contractual positions phase out over the upcoming years, according to a spokesperson from DBS in response to Reuters.

The DBS CEO Piyush Gupta is scheduled to be succeeded by Tan Su Shan on March 28 to lead Southeast Asia's largest bank.