Singapore’s largest bank, DBS, has announced plans to reduce 4,000 jobs over the next three years as artificial intelligence (AI) takes on tasks traditionally handled by humans. The job cuts will primarily affect temporary and contract workers, with positions being phased out through natural attrition as projects conclude.
The bank confirmed that permanent employees will not be impacted. At the same time, DBS expects to create 1,000 new AI-related roles, marking a shift towards technology-driven operations.
DBS currently employs around 41,000 people, with 8,000 to 9,000 being temporary or contract workers. AI is already deeply integrated into its business, with over 800 AI models deployed across 350 use cases. The bank estimates that AI’s economic impact will exceed S$1 billion ($745 million) by 2025.
Outgoing CEO Piyush Gupta, who has led DBS for years, has been a strong advocate for AI integration. His successor, Tan Su Shan, will take over leadership at the end of March.
As AI continues to evolve, experts have debated its impact on jobs. The International Monetary Fund (IMF) predicts that AI will affect nearly 40% of jobs worldwide, potentially increasing inequality. However, the Bank of England’s governor, Andrew Bailey, argues that AI will not eliminate jobs entirely but instead reshape how people work alongside technology.
DBS’s announcement highlights the growing role of AI in the financial sector, signaling a significant transformation in the job market.
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