Singapore’s largest bank, DBS, has announced plans to reduce approximately 4,000 roles over the next three years as artificial intelligence (AI) takes on more tasks traditionally performed by humans.
According to a bank spokesperson, the job cuts will primarily affect temporary and contract staff, with the reductions occurring through “natural attrition” as various projects reach completion. Permanent employees, however, will not be impacted by the downsizing.
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Despite the cuts, DBS is also set to create around 1,000 new AI-related roles, underscoring its strategic shift toward automation and digital transformation. The move positions DBS as one of the first major banks to provide concrete details on AI’s impact on its workforce.
The bank did not disclose the specific number of job reductions in Singapore. However, a spokesperson elaborated on the broader impact, stating:
“Over the next three years, we envisage that AI could reduce the need to renew about 4,000 temporary and contract staff across our 19 markets, as these employees are engaged in specific project-based work. As a result, we anticipate the reduction in workforce will occur naturally as these roles conclude over time.”
Currently, DBS employs between 8,000 and 9,000 temporary and contract workers, while its total workforce stands at approximately 41,000.
Outgoing Chief Executive Piyush Gupta emphasized the bank’s long-standing commitment to AI, noting that DBS has been leveraging AI technologies for over a decade.
“We currently deploy more than 800 AI models across 350 different use cases, and we anticipate the measurable economic impact of these initiatives to surpass S$1 billion ($745 million; £592 million) in 2025,” Gupta said.
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Gupta, who has led the bank since 2009, is set to step down at the end of March. He will be succeeded by current Deputy Chief Executive Tan Su Shan.
The rise of AI technology continues to generate both optimism and concern worldwide. In 2024, the International Monetary Fund (IMF) warned that AI could impact nearly 40% of jobs globally. IMF Managing Director Kristalina Georgieva stated that in most scenarios, AI is expected to exacerbate income inequality rather than reduce it.
Meanwhile, Bank of England Governor Andrew Bailey took a more measured stance, telling the BBC that AI would not be a “mass destroyer of jobs” but rather a transformative tool that human workers will learn to integrate into their roles. He acknowledged the risks associated with AI but highlighted its significant potential benefits.
