Singapore’s largest bank DBS, plans to cut 4,000 roles over the next three years as AI replaces human tasks. The reductions will occur through natural attrition, affecting temporary and contract workers, while permanent staff remain unaffected.
Outgoing CEO Piyush Gupta stated that DBS, which employs 41,000 people, has been integrating AI for over a decade, with 800 AI models deployed across 350 use cases. The bank expects AI-driven efficiencies to generate S$1bn ($745m) in 2025.
Despite the cuts, DBS will create 1,000 AI-related jobs, making it one of the first major banks to detail AI’s impact on operations. Tan Su Shan will take over as CEO when Gupta steps down in March.
The IMF warns that AI could affect 40% of jobs worldwide, potentially increasing inequality, while Bank of England Governor Andrew Bailey argues AI is more likely to reshape work than destroy jobs.
