Singapore’s largest bank, DBS, announced plans to trim 4,000 temporary and contract roles over the next three years as artificial intelligence increasingly automates tasks traditionally performed by humans. A DBS spokesperson told the BBC that these cuts will occur naturally as temporary and contract positions expire, while permanent staff remain unaffected. Outgoing CEO Piyush Gupta also revealed that the bank anticipates creating roughly 1,000 new roles focused on AI.
DBS, employing about 41,000 people—including between 8,000 and 9,000 temporary or contract workers—becomes one of the first major financial institutions to disclose how AI is reshaping its operations. Last year, Gupta highlighted DBS’s long-standing commitment to AI, noting the deployment of over 800 AI models across 350 use cases, with their economic impact expected to exceed S$1 billion in 2025.
Gupta, who is set to leave the firm at the end of March, will be succeeded by deputy CEO Tan Su Shan. This strategic shift comes amid global debates on AI’s impact, with the IMF warning in 2024 that nearly 40% of jobs worldwide could be affected, potentially exacerbating inequality. Meanwhile, Bank of England Governor Andrew Bailey has reassured that AI won’t lead to mass job destruction, emphasizing that human workers will adapt to harness the technology’s vast potential.
