Singapore’s largest bank, DBS, has announced plans to reduce its workforce by 4,000 over the next three years as artificial intelligence (AI) takes over tasks traditionally handled by humans.
According to a DBS spokesperson, the job cuts will happen through natural attrition as temporary and contract roles phase out, ensuring that permanent employees remain unaffected. Despite the reduction, the bank plans to create around 1,000 new AI-related positions.
Outgoing CEO Piyush Gupta, who steps down in March, revealed that DBS currently operates over 800 AI models across 350 applications, expecting these to generate over S$1 billion ($745 million) in economic benefits by 2025. His successor, Tan Su Shan, will oversee the bank’s continued AI integration.
The broader impact of AI on global employment has been a topic of debate. The International Monetary Fund (IMF) warned that AI could affect nearly 40% of jobs worldwide, potentially widening inequality. However, Bank of England Governor Andrew Bailey believes AI will not cause mass job losses but will require workers to adapt.
