Singapore’s largest bank, DBS, plans to reduce its workforce by about 4,000 roles over the next three years as artificial intelligence (AI) takes on tasks traditionally handled by humans. The cuts will mainly impact temporary and contract staff, with the reduction expected to occur through natural attrition as projects conclude, according to a bank spokesperson. Permanent staff will not be affected.
Outgoing chief executive Piyush Gupta also announced the creation of around 1,000 new AI-related jobs, positioning DBS among the first major banks to outline the impact of AI on its workforce.
“Over the next three years, we envisage that AI could reduce the need to renew about 4,000 temporary and contract roles across our 19 markets,” the spokesperson said. The company did not specify how many of these cuts would take place in Singapore. Currently, DBS employs between 8,000 and 9,000 temporary and contract workers, out of a total workforce of approximately 41,000.
Gupta highlighted that DBS has been integrating AI into its operations for over a decade. “We deploy over 800 AI models across 350 use cases and expect the measured economic impact of these to exceed S$1 billion ($745 million; £592 million) in 2025,” he said. Gupta is set to leave the bank at the end of March, with current deputy chief executive Tan Su Shan stepping into the role.
The rise of AI continues to reshape global industries. The International Monetary Fund (IMF) recently stated that AI could impact nearly 40% of jobs worldwide, with managing director Kristalina Georgieva warning that it might exacerbate inequality. However, Andrew Bailey, governor of the Bank of England, suggested that AI will not be a “mass destroyer of jobs” and that human workers will adapt to working alongside these technologies.
