DBS Bank to Cut 4,000 Jobs as AI Reshapes Workforce
Singapore’s DBS Bank plans to reduce 4,000 temporary and contract roles over the next three years as AI automation takes over key tasks. The bank aims to create 1,000 AI-related jobs while maintaining its permanent workforce.
Singapore’s largest bank, DBS, has announced plans to reduce approximately 4,000 temporary and contract roles over the next three years as artificial intelligence (AI) increasingly automates tasks traditionally performed by humans.
A bank spokesperson clarified that the job reductions would come through natural attrition, meaning roles will not be renewed once current projects are completed. Permanent staff will not be affected, and DBS expects to create around 1,000 new AI-related positions to support its digital transformation.
This move makes DBS one of the first major banks to outline AI’s impact on its workforce, setting a precedent for the financial sector. While the bank did not disclose how many of the job cuts would take place in Singapore, DBS currently employs between 8,000 and 9,000 temporary and contract workers, with a total workforce of approximately 41,000 employees across 19 markets.
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Outgoing CEO Piyush Gupta, who has led the bank’s AI initiatives for over a decade, stated that DBS currently operates over 800 AI models across 350 use cases. The economic impact of AI adoption is expected to exceed S$1 billion ($745 million) by 2025.
Gupta is set to step down at the end of March, with current Deputy CEO Tan Su Shan slated to take over the leadership role.
The broader implications of AI in the workforce remain a global concern. The International Monetary Fund (IMF) has projected that AI will affect nearly 40% of all jobs worldwide, potentially exacerbating economic inequality. However, Bank of England Governor Andrew Bailey has offered a more balanced perspective, stating that while AI presents challenges, it is unlikely to be a "mass destroyer of jobs" and will instead drive collaboration between human workers and technology.
As DBS embraces AI-driven transformation, the financial industry will closely watch how these workforce changes unfold in the years ahead.
Credit: BBC
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