Singapore’s largest bank, DBS, has announced plans to cut around 4,000 temporary and contract positions over the next three years as artificial intelligence (AI) takes on more tasks currently handled by humans.
A DBS spokesperson clarified that the reduction will come from “natural attrition” as projects wrap up, meaning permanent staff will not be affected. At the same time, the bank expects to create around 1,000 new AI-related roles, signaling a shift toward technology-driven operations.
DBS, which employs around 41,000 people globally, currently has between 8,000 and 9,000 temporary and contract workers. The bank did not specify how many jobs would be lost in Singapore.
Outgoing CEO Piyush Gupta, who has led the bank’s AI efforts for over a decade, noted that DBS already operates over 800 AI models and expects their economic impact to exceed S$1 billion ($745 million) by 2025. He will step down at the end of March, with deputy CEO Tan Su Shan set to take over.
The broader impact of AI on jobs has been a key global debate. The International Monetary Fund (IMF) warned last year that AI could affect nearly 40% of all jobs worldwide, potentially deepening inequality. However, Bank of England Governor Andrew Bailey has downplayed fears of mass job destruction, suggesting workers will adapt alongside new technologies.
DBS is among the first major banks to provide a clear roadmap for AI-driven workforce changes, highlighting the growing role of automation in the financial sector.
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