Singapore’s biggest bank DBS to cut 4,000 roles as it embraces AI happymamay

The largest bank in Singapore says that it expects 4000 roles over the next three years, as AI (AI) does more works currently by humans.

A DBS spokesman told the BBC: “Reducing the workforce will come from normal attrition, as temporary roles and a contract will flow over the next few years,” a DBS spokesman told the BBC.

Permanent employees are not expected to be affected by discounts. Bush Gopta, outgoing CEO of the bank, said he expected about 1,000 new jobs related to the prosecution.

It makes DBS one of the first main banks that provide details about how artificial intelligence affects its operations.

The company did not specify the number of jobs to be reduced in Singapore or the roles that will be affected.

DBS currently has between 8000 and 9,000 temporary and contract workers. The bank employs a total of about 41,000 people.

Last year, Mr. Gupta said that DBS was working on artificial intelligence for more than a decade.

He added: “Today we publish more than 800 models of artificial intelligence through 350 cases of use, and we expect that the economic impact of this size will exceed one billion Singapore (745 million dollars; 592 million pounds) in 2025.”

Mr. Gupta is scheduled to leave the company at the end of March. The current CEO, Tan Soo Chan.

The continuous spread of artificial intelligence technology has developed its benefits and risks under the spotlight, with The International Monetary Fund (IMF) said in 2024 It is scheduled to affect approximately 40 % of all jobs around the world.

“In most scenarios, Amnesty International is likely to exacerbate,” said Crystalina Georgivie, Managing Director of International Monetary Critics,.

the And the governor of the Bank of England, Andrew Billy, told the BBC Last year, artificial intelligence will not be a “collective destroyer of jobs” and human workers will learn to work with new technologies.

Mr. Billy said that although there are risks with artificial intelligence, “there is great potential with it.”