5 months ago
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Singapore’s biggest bank, DBS, says it expects to cut 4,000 roles over the next three years as artificial intelligence, AI, takes on more work currently done by humans.
The BBC is reporting that the reduction in workforce will come from natural attrition as temporary and contract roles come to a natural end over the next few years.
Permanent staff are not expected to be affected by the cuts. The bank’s outgoing chief executive said it expects to create around 1,000 new AI-related jobs.
It makes DBS one of the first major banks to offer details on how AI will affect its operations.
The company did not say how many jobs would be cut in Singapore or which roles would be affected.
DBS currently has between 8,000 and 9,000 temporary and contract workers. The bank employs a total of around 41,000 people.
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