SINGAPORE’S BIGGEST BANK FIRE 4,000 TO BE REPLACED BY AI
DBS has announced its plans to cut about 4,000 jobs over the next three years. The reason? Artificial Intelligence (AI).
According to the bank, AI allows them to get more work done than humans are currently doing.
Although permanent staff won’t be affected by the job cuts, temporary and contract staff will be affected.
It’s not all doom and gloom though as outgoing chief executive Piyush Gupta said AI is also expecting to create around 1,000 jobs that will be AI-related.
In a statement released by the bank, its AI plans were revealed, saying “Over the next three years, we envisage that AI could reduce the need to renew about 4,000 temporary/contract staff across our 19 markets working on specific projects”.
Currently, DBS employs a total of 41,000 people where between 8,000 and 9,000 are temporary and contract workers.
In 2024, Gupta said DBS had already been working on AI for more than a decade.
“We today deploy over 800 AI models across 350 use cases, and expect the measured economic impact of these to exceed S$1 billion in 2025.”
Image credit: Reuters
