Singapore: Singapore’s largest bank, DBS, has announced plans to reduce 4,000 roles over the next three years as artificial intelligence (AI) takes on tasks currently performed by humans.
A DBS spokesperson told that the reduction will occur through natural attrition as temporary and contract roles phase out, ensuring that permanent staff remain unaffected. Meanwhile, the bank plans to create around 1,000 new AI-related positions.
DBS is among the first major banks to disclose AI’s impact on its workforce. However, it did not specify which roles would be affected or how many job cuts would take place in Singapore. The bank currently employs around 41,000 people, including 8,000 to 9,000 temporary and contract workers.
Outgoing CEO Piyush Gupta, who has led DBS’s AI initiatives for over a decade, highlighted that the bank now deploys over 800 AI models across 350 use cases. He expects these AI-driven solutions to generate an economic impact exceeding S$1 billion ($745 million) by 2025. Gupta is set to step down at the end of March, with deputy CEO Tan Su Shan succeeding him.
The broader rise of AI continues to spark debate over its economic and social implications. In 2024, the International Monetary Fund (IMF) estimated that AI could impact nearly 40% of jobs globally, with Managing Director Kristalina Georgieva warning of its potential to deepen inequality.
However, Bank of England governor Andrew Bailey has stated that AI is unlikely to be a “mass destroyer of jobs,” emphasizing its potential benefits alongside associated risks.
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