DBS Bank to Cut 4,000 Jobs Over Three Years Amid AI Integration; Plans to Create 1,000 New AI Roles

Singapore's largest bank, DBS, announced plans to reduce its workforce by approximately 4,000 positions over the next three years. This reduction is primarily attributed to the increasing adoption of artificial intelligence (AI) across various banking operations. The cuts will largely affect temporary and contract roles through natural attrition, with permanent staff unlikely to be impacted. Concurrently, DBS intends to create around 1,000 new jobs in the AI sector. The bank anticipates that its 800 deployed AI models will generate an economic impact exceeding S$1 billion by 2025 across 350 use cases. While the bank employs between 8,000 and 9,000 temporary and contract workers out of its total workforce of approximately 41,000, specific details regarding the number of affected positions in Singapore or the exact roles being eliminated were not disclosed.