DBS, Singapore’s largest bank, plans to cut around 4,000 roles over the next three years as artificial intelligence (AI) replaces work done by humans. A bank spokesperson said the reductions will primarily affect temporary and contract workers through “natural attrition” as projects are completed. Permanent staff will not be impacted by the cuts.
The outgoing chief executive, Piyush Gupta, announced that while AI will replace some roles, the bank expects to create approximately 1,000 new AI-related jobs. This announcement makes DBS one of the first major banks to outline how AI will affect its operations.
The bank has between 8,000 and 9,000 temporary and contract workers, out of a total workforce of 41,000 employees. DBS, which operates in 19 markets, did not specify how many jobs in Singapore will be affected.
Gupta highlighted the bank’s longstanding work with AI, noting that DBS currently deploys over 800 AI models across 350 use cases, with the economic impact of these models expected to surpass S$1 billion ($745 million) in 2025.
As Gupta steps down in March, his role will be taken over by Tan Su Shan, the current deputy chief executive.
The broader implications of AI on employment have drawn attention globally, with the International Monetary Fund (IMF) projecting that nearly 40% of jobs worldwide could be affected. IMF Managing Director Kristalina Georgieva warned that AI may exacerbate global inequality, while the Bank of England Governor, Andrew Bailey, has argued that AI is unlikely to result in mass job destruction, emphasizing the potential for humans to collaborate with new technologies.
