Singapore-based DBS Group is cutting its headcount by 10% as artificial intelligence (AI) takes on more human work.
The bank, which has 41,000 employees globally, expects to slash around 4,000 roles in a move that will impact contract and temporary workers, with permanent staff unaffected.
According to DBS, the redundancies will be the result of “natural attrition” on completion of projects over the next few years.
As Southeast Asia’s largest lender, the bank currently employs between 8,000 and 9,000 contract and temporary staff, but it did not specify how many jobs would go in Singapore.
AI and the workforce
AI can only lead to better jobs with a people-first strategy
At the same time, outgoing CEO Piyush Gupta, who is leaving the firm at the end of March, said he anticipates that around 1,000 new AI-related positions will be created.
In 2024, he revealed that DBS had been developing AI technologies for more than 10 years.
He said: “We today deploy over 800 AI models across 350 use cases and expect the measured economic impact of these to exceed S$1bn (£592m).”
The company is one of the first big banks to outline how AI is expected to impact its operations, while many employers remain uncertain about its impact.
Earlier this month in the UK, the CIPD said AI can help deliver growth but understanding its impact on jobs, skills needs and organisational strategy must be considered, as it started work in collaboration with the Innovate UK BridgeAI programme.
Additionally, back in January, Nuffield-funded research, the Pissarides Review into the Future of Work and Wellbeing, found that new technology, including automation and artificial intelligence (AI), can lead to better jobs – but only with the right HR strategy.
The final report of a three-year study into AI, work and wellbeing found that that when people are prioritised, the wellbeing impacts of new technology can be mitigated and work can be improved.
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