DBS, Singapore’s largest bank, has announced it expects to cut 4,000 roles over the next three years as artificial intelligence (AI) takes over tasks currently performed by humans. The bank said the reduction would come through natural attrition, as temporary and contract roles end. Permanent staff are not expected to be affected.
DBS also anticipates creating around 1,000 new AI-related jobs, according to outgoing chief executive Piyush Gupta. This makes DBS one of the first major banks to detail how AI will impact its operations.
The bank currently employs between 8,000 and 9,000 temporary and contract workers, out of a total workforce of approximately 41,000. It did not specify how many jobs would be cut in Singapore or which roles would be affected.
Mr. Gupta said last year that DBS had been developing AI for over a decade and currently uses over 800 AI models across 350 use cases. He projected that the economic impact of these AI systems would exceed S$1 billion ($745 million; £592 million) in 2025. Mr. Gupta will step down at the end of March and be replaced by current deputy chief executive Tan Su Shan.
The increasing use of AI has brought its benefits and risks into sharp focus. The International Monetary Fund (IMF) predicted in 2024 that AI will affect nearly 40% of all jobs globally, with managing director Kristalina Georgieva warning that AI is likely to worsen inequality. However, Bank of England Governor Andrew Bailey told the BBC last year that AI will not be a “mass destroyer of jobs” and that workers will adapt to the new technology. He acknowledged the risks but also highlighted the “great potential” of AI.
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