Singapore’s largest bank has announced its plans to reduce its workforce by 4,000 jobs over the next three years.
This comes because artificial intelligence (AI) is taking over tasks that are currently performed by human employees.
"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.
As per the reports, the job cuts are not expected to impact permanent employees.
DBS Bank’s outgoing CEO, Piyush Gupta mentioned that the bank plans to create around 1,000 new AI-related jobs.
This move makes DBS one of the first major banks to reveal how AI will impact its workforce and operations.
Currently, the bank employs around 41,000 people, including 8,000 and 9,000 temporary and contract workers.
Last year, CEO Gupta stated that DBS had been working on artificial intelligence (AI) for over ten years.
He said, "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.”
Gupta will leave his position as CEO at the end of March and current deputy CEO Tan Su Shan will take over his position.
