Singapore’s largest banking dBs to cut 4,000 roles while covering AI

The largest bank in Singapore, DBS, says he hopes to cut around 4,000 roles in the next three years, since artificial intelligence (AI) acquires more work currently done by humans.

The measure will affect temporary and contractual staff, said a bank spokesman, with the reduction of the workforce from “natural wear” as the projects are completed.

Permanent personnel are not affected by cuts. Bank’s outgoing executive president Piyush Gupta also said he hoped to create about 1,000 new IA -related jobs.

It makes DBS one of the first important banks in offering details on how AI will affect its operations.

The company did not say how many works would be reduced in Singapore.

“In the next three years, we imagine that AI could reduce the need to renew approximately 4,000 temporary employees/hired in our 19 markets that work on specific projects,” said the DBS spokesman.

“As such, we hope that the reduction of the workforce comes from natural dropout, since these temporary and contractual roles are completed in the coming years.”

DBS currently has between 8,000 and 9,000 temporary and contractual workers. The bank uses a total of around 41,000 people.

Last year, Gupta said DBS had been working at AI for more than a decade.

“Today we display more than 800 AI models in 350 cases of use, and we hope that the measured economic impact of these over $ 1 billion ($ 745 million; £ 592m) in 2025,” he added.

Gupta is ready to leave the company at the end of March. The current executive deputy director so your Shan will replace it.

The continuous proliferation of AI technology has put its benefits and risks under the center of attention, with The International Monetary Fund (IMF) that says in 2024 which will affect almost 40% of all works worldwide.

The IMF managing director, Kristalina Georgieva, said that “in most scenarios, AI will probably worsen general inequality.”

He Governor of the Bank of England, Andrew Bailey, told the BBC Last year, that AI will not be a “massive destroyer of jobs” and human workers will learn to work with new technologies.

Bailey said that while there are risks with AI, “there is great potential with her.”