DBS Bank is set to reduce its workforce by about 4,000 positions over the next three years due to the increasing implementation of artificial intelligence. The cuts primarily affect temporary and contract roles, while new AI-related jobs will be created concurrently.
DBS Bank to Eliminate 4,000 Roles Amid AI Integration
DBS Bank to Eliminate 4,000 Roles Amid AI Integration
Singapore's leading bank announces job cuts as AI technology takes precedence.
The bank's spokesperson confirmed that the future workforce changes would result from "natural attrition" as projects wrap up. Permanent employees are not within the scope of these reductions. As part of the workforce restructuring, DBS anticipates adding approximately 1,000 new jobs tied to AI advancements, making it one of the first major banks to disclose the impact of AI on its operations.
DBS currently employs between 8,000 and 9,000 temporary and contract workers within a total workforce of about 41,000. The outgoing chief executive Piyush Gupta shared insights on the bank's decade-long commitment to AI, highlighting the deployment of over 800 AI models across 350 operational use cases, with an estimated economic impact exceeding S$1 billion ($745 million) by 2025.
As Gupta prepares to leave his position at the end of March, deputy chief executive Tan Su Shan will take over leadership. The rise of AI in various industries has prompted both optimism and concern, with the International Monetary Fund (IMF) predicting a significant impact on global employment. IMF Managing Director Kristalina Georgieva warns that many scenarios indicate AI could exacerbate inequality. However, views differ, with Bank of England Governor Andrew Bailey expressing that while AI presents risks, it also offers substantial potential for workforce enhancement.
DBS currently employs between 8,000 and 9,000 temporary and contract workers within a total workforce of about 41,000. The outgoing chief executive Piyush Gupta shared insights on the bank's decade-long commitment to AI, highlighting the deployment of over 800 AI models across 350 operational use cases, with an estimated economic impact exceeding S$1 billion ($745 million) by 2025.
As Gupta prepares to leave his position at the end of March, deputy chief executive Tan Su Shan will take over leadership. The rise of AI in various industries has prompted both optimism and concern, with the International Monetary Fund (IMF) predicting a significant impact on global employment. IMF Managing Director Kristalina Georgieva warns that many scenarios indicate AI could exacerbate inequality. However, views differ, with Bank of England Governor Andrew Bailey expressing that while AI presents risks, it also offers substantial potential for workforce enhancement.
