Singapore's largest bank has announced plans to eliminate 4, 000 positions over the next three years as artificial intelligence (AI) increasingly assumes tasks currently performed by human employees. According to a DBS spokesperson speaking to the BBC, "The workforce reduction will primarily occur through natural attrition as temporary and contract roles come to an end in the upcoming years. " The cuts are not expected to impact permanent staff. Outgoing chief executive Piyush Gupta also indicated that the bank anticipates creating about 1, 000 new jobs related to AI. This makes DBS one of the first major banks to publicly outline the implications of AI on its operations. The bank has not disclosed how many jobs might be cut in Singapore or the specific positions that will be affected. Currently, DBS employs between 8, 000 and 9, 000 temporary and contract workers, with a total workforce of around 41, 000. Last year, Mr. Gupta noted that DBS has been engaged in AI initiatives for over ten years. "We currently utilize more than 800 AI models across 350 different use cases, and we expect the measurable economic impact to surpass S$1 billion ($745 million; £592 million) by 2025, " he remarked. Mr.

Gupta is set to depart from the bank at the end of March, with current deputy chief executive Tan Su Shan stepping in as his successor. The rapid advancement of AI technology has brought its advantages and challenges to the forefront, with the International Monetary Fund (IMF) projecting in 2024 that nearly 40% of jobs globally could be affected. IMF Managing Director Kristalina Georgieva stated, "In most scenarios, AI is likely to exacerbate overall inequality. " Last year, Bank of England Governor Andrew Bailey told the BBC that AI will not lead to a widespread loss of jobs, asserting that human workers will adapt to work alongside emerging technologies. Mr. Bailey acknowledged the risks associated with AI but emphasized its significant potential.