Singapore’s biggest bank DBS to cut 4,000 roles as it embraces AI

DBS, the largest bank in Singapore, says it expects to reduce about 4000 roles over the next three years, where artificial intelligence (AI) performs more works currently by humans.

A bank spokesman said that this step will affect the temporary employees and employees of the contract, with the workforce drop from “natural attrition” with the completion of projects.

Permanent employees are not affected by discounts. Bank CEO Payosh Gobta said that he expected to create about 1,000 new jobs related to the prosecution.

It makes DBS one of the first main banks that provide details about how artificial intelligence affects its operations.

The company did not say the number of jobs that will be cut in Singapore.

“During the next three years, we imagine that artificial intelligence can reduce the need to renew about 4,000 contract/contract employees across 19 markets in specific projects,” said a DBS spokesman.

“In this way, we expect a decrease in the workforce to come from natural attrition, as these temporary roles and contracts will be completed during the next few years.”

DBS currently has between 8000 and 9,000 temporary and contract workers. The bank employs a total of about 41,000 people.

Last year, Mr. Gupta said that DBS was working on artificial intelligence for more than a decade.

He added, “We publish today more than 800 models of artificial intelligence through 350 cases of use, and we expect that the economic impact of this will exceed one billion Singapore (745 million dollars; 592 million pounds) in 2025.”

Mr. Gupta is scheduled to leave the company at the end of March. The current CEO, Tan Soo Chan.

The continuous spread of artificial intelligence technology has developed its benefits and risks under the spotlight, with The International Monetary Fund (IMF) said in 2024 It is scheduled to affect approximately 40 % of all jobs around the world.

“In most scenarios, Amnesty International is likely to exacerbate,” said Crystalina Georgivie, Managing Director of International Monetary Critics,.

the And the governor of the Bank of England, Andrew Billy, told the BBC Last year, artificial intelligence will not be a “collective destroyer of jobs” and human workers will learn to work with new technologies.

Mr. Billy said that although there are risks with artificial intelligence, “there is great potential with it.”