Singapore’s biggest bank says it expects to cut 4,000 roles over the next three years as artificial intelligence (AI) takes on more work currently done by humans.
“The reduction in workforce will come from natural attrition as temporary and contract roles roll off over the next few years,” a DBS spokesperson told the BBC.
Permanent staff are not expected to be affected by the cuts. The bank’s outgoing chief executive Piyush Gupta also said it expects to create around 1,000 new AI-related jobs.
It makes DBS one of the first major banks to offer details on how AI will affect its operations. The company did not say how many jobs would be cut in Singapore or which roles would be affected.
DBS currently has between 8,000 and 9,000 temporary and contract workers. The bank employs a total of around 41,000 people. Last year, Mr Gupta said DBS had been working on AI for over a decade.
“We today deploy over 800 AI models across 350 use cases, and expect the measured economic impact of these to exceed S$1bn ($745m; £592m) in 2025,” he added. Mr Gupta is set to leave the firm at the end of March. Current deputy chief executive Tan Su Shan will replace him.
Credit: BBC NEWS