Singapore’s biggest bank DBS to cut 4,000 roles as it embraces AI
Singapore’s largest bank says it expects to lay off 4,000 roles in the next three years as artificial intelligence (AI) engages in more work humans do right now.
A DBS spokesman told the BBC that “the reduction in labor will come from natural wear and tear as temporary and contractual roles stand out.”
Permanent personnel are not expected to be affected by the cuts. The bank’s outgoing CEO Piyush Gupta also said it is expected to create about 1,000 new AI-related jobs.
It makes DBS one of the first major banks to provide detailed information on how AI affects its operations.
The company did not say what roles would be affected in Singapore.
DBS currently has between 8,000 and 9,000 temporary staff and contract workers. The bank employs approximately 41,000 employees in total.
Last year, Mr. Gupta said DBS has been working on AI for more than a decade.
He added: “We deployed over 800 AI models today in 350 use cases and expect the economic impact of over S$1 billion (US$745 million; £592 million) in 2025.”
Mr. Gupta is scheduled to leave the company at the end of March. Current Deputy CEO Tan Su Shan will replace him.
The benefits and risks of the continued spread of AI technology have attracted attention, The International Monetary Fund (IMF) said in 2024 It will affect nearly 40% of all work worldwide.
“In most cases, AI can worsen overall inequality,” said Kristalina Georgieva, managing director of the IMF.
this Bank of England Governor Andrew Bailey told BBC Last year, AI will not be a “mass destruction job” and human workers will learn to use new technologies.
Despite the risks of AI, “it has great potential.” Mr Bailey said.
