DBS, Southeast Asia’s largest bank, has announced plans to reduce 4,000 temporary and contract positions over the next three years, attributing the move to advancements in artificial intelligence.
A spokesperson for the Singapore-based bank confirmed that AI-driven automation will gradually replace these roles across 19 markets, emphasizing that the workforce reduction will occur through natural attrition as projects conclude.
This development aligns with a Bloomberg Intelligence report predicting that banks worldwide could eliminate up to 200,000 positions within five years due to AI. The International Monetary Fund also warned last year that AI could impact 40% of jobs globally, underscoring the need for policies to harness its potential responsibly.
DBS assured that permanent staff would not be affected and highlighted ongoing efforts to upskill and reskill employees, with over 10,000 workers already engaged in AI and data-related training programs.
AFP
