The major Asia Bank replaces humans to cut 4,000 roles as AI

Singapore’s largest bank says it expects to cut 4,000 roles in the next three years as Artificial Intelligence (AI) currently takes more work done by humans.

A DBS spokesperson told the BBC, “The reduction in the workforce will come from natural attraction as temporary and contract roles stop in the next few years.”

Permanent employees are not expected to be affected by deduction. The bank’s outgoing chief executive Piyush Gupta also said that it expects to build around 1,000 new AI-related jobs.

This makes DBS one of the first major banks that AI will affect its operation, to give details.

The company did not say how many jobs will be cut in Singapore or which roles will be affected.

DBS currently has 8,000 and 9,000 temporary and contract workers. The bank employs a total of 41,000 people.

Last year, Mr. Gupta said that DBS had been working on AI for more than a decade.

“We today deploy more than 800 AI models in 350 use cases, and expect a measured economic impact of more than S $ 1BN ($ 745M; £ 592M) in 2025,” he said.

Mr. Gupta is ready to leave the firm at the end of March. The current Deputy Chief Executive Officer Tan Su Shaan will replace him.

The ongoing propagation of AI technology has put its profit and risk in the headlines In the 2024 International Monetary Fund (IMF) is saying It is ready to affect about 40% of all jobs worldwide.

IMF Managing Director Christolina Jorleywava said that “in most of the scenarios, AI will spoil overall inequality”.

Bank of England Governor Andrew Bailey told BBC Last year’s AI “will not be a large -scale destructive” of jobs and human workers will learn to work with new techniques.

Mr. Belly said that there are risks with AI, “There are many possibilities with it”.