DBS Bank to Cut 4,000 Jobs as AI Takes Over

Singapore’s largest bank, DBS, has announced plans to cut 4,000 jobs over the next three years as it increases its use of artificial intelligence (AI) to handle tasks previously done by humans.

A spokesperson from DBS told the BBC that the job reductions will mainly affect temporary and contract workers through natural attrition, meaning that as these roles end, they will not be replaced. Permanent staff are not expected to lose their jobs.

DBS plans to create around 1,000 new positions focused on AI and technology development.

Currently, the bank employs around 41,000 people, including 8,000 to 9,000 temporary and contract workers. Outgoing CEO Piyush Gupta said the bank has been working on AI for over a decade and now uses more than 800 AI models across 350 tasks. These AI systems are expected to save the bank over S$1 billion ($745 million) by 2025.

Gupta will step down at the end of March, with current deputy CEO Tan Su Shan set to take over.

The rise of AI has raised global concerns about job security. A recent report from the International Monetary Fund (IMF) suggested that AI could impact nearly 40% of jobs worldwide, potentially increasing inequality.

Andrew Bailey, Governor of the Bank of England, believes AI won’t lead to mass job losses but will instead change how humans work alongside technology.

For DBS, this shift marks a major step toward modernizing banking while also balancing job creation and workforce reduction.