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Amid AI push, DBS Group to cut 4,000 contract and temporary jobs in next 3 years

DBS Group, Singapore's biggest bank, plans to cut 4,000 roles over the next three years as artificial intelligence takes on more work currently done by humans.
DBS Group expects to create around 1,000 new AI-related jobs, according to outgoing chief executive Piyush Gupta.
The International Monetary Fund stated in 2024 that AI is set to affect nearly 40% of all jobs worldwide.
Piyush Gupta mentioned that 'in most scenarios, AI will likely worsen overall inequality.

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TVN24.pl

Thousands of people will lose their jobs. One reason

Singapore's largest bank, DBS, is planning to reduce its workforce by about four thousand employees as artificial intelligence takes over more and more of the jobs previously performed by humans, BBC reports.

6 days ago·Poland

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Fortune

DBS, Southeast Asia's largest bank, is cutting 4,000 temp roles due to AI: 'For the first time, I’m struggling to create jobs'

The job cut at Southeast Asia's biggest bank represents 10% of the DBS' work force but permanent staff are not expected to be affected.

6 days ago·New York, United States

DBS set to cut 4,000 temporary jobs over 3 years due to AI, CEO says

DBS Group plans to cut 4,000 temporary jobs over the next three years as it expects artificial intelligence (AI) to increasingly take on roles carried out by humans, Chief Executive Officer Piyush Gupta said on Monday.

6 days ago·United Kingdom

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Firstpost News

AI to replace 4,000 jobs in Singapore's largest bank DBS

A Bloomberg Intelligence report last month said banks worldwide will cut as many as 200,000 positions in the next three to five years due to AI

6 days ago·Mumbai, India

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New Strait Times

AI to replace 4,000 jobs at DBS bank over the next three years

SINGAPORE: Southeast Asia’s largest bank DBS said that 4,000 jobs could be cut in the next three years and be replaced by artificial intelligence as the technology becomes more advanced. © New Straits Times Press (M) Bhd

6 days ago·Malaysia

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Times of Malta

AI to replace 4,000 jobs in Southeast Asia's largest bank DBS

Southeast Asia's largest bank DBS said that 4,000 jobs could be cut in the next three years and be replaced by artificial intelligence as the technology becomes more advanced."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 working on specific projects,"...

6 days ago

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