DBS to Cut 4,000 Jobs as AI Takes Over Temporary Roles

DBS, Singapore’s largest bank, plans to cut around 4,000 temporary and contract roles over the next three years as artificial intelligence (AI) automates more tasks.

Credit: DBS

A bank spokesperson said the reduction will come through natural attrition as projects conclude. Permanent staff will not be affected.

Outgoing Chief Executive Piyush Gupta said DBS expects to create about 1,000 new AI-related jobs. The bank currently employs between 8,000 and 9,000 temporary and contract workers, with a total workforce of approximately 41,000.

DBS is one of the first major banks to outline how AI will impact its workforce. The company did not specify how many jobs would be cut in Singapore.

Gupta said DBS has been working with AI for over a decade and currently deploys more than 800 AI models across 350 use cases. He expects the economic impact of these models to exceed SGD 1 billion in 2025.

Gupta will leave his role at the end of March, with Deputy Chief Executive Tan Su Shan set to replace him.

The rise of AI has sparked global discussions on its benefits and risks. The International Monetary Fund (IMF) stated in 2024 that AI could impact nearly 40% of jobs worldwide. IMF Managing Director Kristalina Georgieva warned that AI may worsen inequality.

Bank of England Governor Andrew Bailey, however, said AI will not be a "mass destroyer of jobs" and that human workers will adapt to new technologies.

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• DBS will cut 4,000 temporary and contract roles over three years

• The reduction will occur through natural attrition as projects end

• Permanent staff will not be affected, and 1,000 AI-related jobs will be created

Source: BBC