DBS bank announces plans to eliminate 4,000 jobs in a sweeping AI-driven overhaul of its workforce.
Singapore’s largest bank, DBS, has revealed plans to cut around 4,000 jobs over the next three years as artificial intelligence (AI) takes over roles traditionally handled by humans. The move, which targets temporary and contract staff, signals a major shift in the financial sector towards automation.
DBS, which operates in 19 markets, clarified that these job reductions would occur through “natural attrition” as projects wrap up. Permanent staff will remain unaffected. However, the bank will simultaneously create 1,000 new AI-related jobs, suggesting that employees skilled in technology will have an advantage in the changing landscape.
“Over the next three years, we envisage that AI could reduce the need to renew about 4,000 temporary/contract staff across our 19 markets,” a DBS spokesperson confirmed. The company currently employs between 8,000 and 9,000 temporary and contract workers, alongside a total workforce of around 41,000.
This announcement makes DBS one of the first major banks to publicly outline how AI will reshape its workforce. The financial giant has been investing in AI for over a decade, deploying over 800 AI models across 350 use cases. By 2025, the bank expects the economic impact of these models to exceed S$1bn ($745m; £592m).
Piyush Gupta, the outgoing chief executive, has been at the forefront of this AI transition. His tenure ends in March, when deputy CEO Tan Su Shan will take over. The leadership change coincides with the bank’s deepening reliance on automation, a trend that has sparked debate across industries about the future of human employment.
The broader impact of AI on global employment remains a contentious issue. The International Monetary Fund (IMF) warned last year that nearly 40% of all jobs worldwide could be affected by AI, with managing director Kristalina Georgieva cautioning that automation may worsen inequality.
However, Bank of England Governor Andrew Bailey has taken a more optimistic stance. Speaking to the BBC, he dismissed fears of mass job losses, insisting that human workers will adapt to new technologies. “There is great potential with AI,” he stated, acknowledging the risks but also the opportunities.
DBS’s decision underscores the accelerating pace of AI-driven change in the corporate world. As businesses look to streamline operations and boost efficiency, traditional roles are disappearing, making digital skills more crucial than ever. For thousands of DBS workers, the future remains uncertain—unless they can pivot to AI-driven opportunities before it’s too late.
