.jpg)
DBS, Singapore’s largest bank, has announced plans to cut approximately 4,000 temporary and contract roles over the next three years as artificial intelligence (AI) transforms its operations. This shift marks a significant step in the banking sector’s adoption of AI to enhance efficiency and automation.
Outgoing CEO Piyush Gupta emphasized that permanent employees will not be impacted, as the workforce reduction will happen through natural attrition. At the same time, DBS aims to create 1,000 new AI-related job opportunities, underscoring the bank’s decade-long investment in AI-driven innovation.
DBS currently employs between 8,000 and 9,000 temporary and contract workers, with a total workforce of approximately 41,000. The bank already leverages over 800 AI models across 350 use cases, and the economic impact of these implementations is projected to exceed S$1 billion ($745 million) by 2025.
As AI reshapes industries, concerns about job displacement and economic inequality continue to grow.