DBS Bank will reduce 4,000 jobs over the next three years as AI takes on more tasks. According to a DBS spokesperson, the reduction will happen through natural attrition. As a result, temporary and contract roles will gradually phase out.

However, permanent staff will not be affected. At the same time, the bank plans to create 1,000 new AI-related jobs.

Related News

DBS Leads AI Transformation

So far, DBS is one of the first major banks to reveal how AI will reshape its workforce. However, the bank has not specified how many jobs will be cut in Singapore or which roles will disappear.

Currently, DBS employs around 41,000 people. Among them, 8,000 to 9,000 are temporary and contract workers.

AI’s Growing Role in Banking

Meanwhile, outgoing CEO Piyush Gupta highlighted the bank’s long-term focus on AI. “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 stated.

Moreover, leadership changes are underway. Gupta will step down at the end of March, and Deputy CEO Tan Su Shan will take over.

AI’s Global Impact on Jobs

On a broader scale, AI continues to reshape industries worldwide. In 2024, the International Monetary Fund (IMF) reported that AI could impact nearly 40% of jobs globally. Furthermore, IMF Managing Director Kristalina Georgieva warned that AI may “worsen overall inequality.”

On the other hand, Bank of England Governor Andrew Bailey provided a different perspective. He told the BBC last year that AI would not be a “mass destroyer of jobs.” Instead, he emphasized that human workers will adapt and collaborate with AI. While acknowledging the risks, he also highlighted AI’s “great potential.”

In conclusion, DBS’s move reflects a growing trend. More banks and industries are integrating AI to improve efficiency, ultimately reshaping the workforce.