In brief
DBS Bank is set to cut about 4,000 temporary and contract roles as artificial intelligence starts to assume tasks previously managed by humans. While some jobs will be lost, the bank also anticipates creating around 1,000 new AI-focused positions.
Singapore's DBS Bank announced plans to reduce its workforce by approximately 4,000 roles over the next three years, attributing this shift to the increasing implementation of artificial intelligence (AI) in its operations. The cuts will mainly target temporary and contract staff, with reductions occurring as projects conclude. Notably, permanent employees will not be affected by these changes.The bank's outgoing CEO, Piyush Gupta, mentioned that they've invested over a decade in AI development and currently utilize over 800 AI models across various projects. Alongside the job cuts, DBS expects to create around 1,000 new roles related to AI.Though the bank has not specified the number of positions lost in Singapore, their overall workforce totals around 41,000, including 8,000 to 9,000 temporary and contract workers. The implications of AI advancement have sparked discussions on employment challenges globally, with concerns over income inequality. Nevertheless, experts suggest that AI may lead to a transformation rather than outright job destruction, encouraging collaboration between technology and human workers.
