Singapore’s largest bank, DBS, has announced plans to cut 4,000 roles in the next three years as it increasingly integrates artificial intelligence (AI) into its operations. This move, according to a spokesperson, is expected to mostly affect temporary and contract positions through natural attrition, with little to no impact on permanent staff. The bank also plans to create around 1,000 new jobs related to AI, highlighting the changing nature of work in the banking sector.
DBS, among the first major banks to detail the impact of AI on its operations, has been leveraging AI for over a decade, currently deploying more than 800 AI models across 350 use cases. The bank’s outgoing CEO, Piyush Gupta, anticipates that these AI implementations will yield an economic impact exceeding S$1 billion ($745m; £592m) by 2025. Mr. Gupta is set to retire at the end of March, with the current deputy chief executive, Tan Su Shan, taking over.
The increasing adoption of AI technology has sparked discussions about its potential to significantly affect nearly 40% of jobs worldwide, according to the International Monetary Fund (IMF). The IMF’s managing director, Kristalina Georgieva, has expressed concerns that AI may exacerbate overall inequality. However, the Governor of the Bank of England, Andrew Bailey, remains optimistic about the future of work with AI, arguing that while there are risks, the technology also holds great potential and is unlikely to be a mass destroyer of jobs.
Source: https://www.bbc.com/news/articles/c4g7xn9y64po
