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DBS, Singapore’s biggest bank, says it expects to cut around 4,000 roles over the next three years as artificial intelligence (AI) takes on more work currently done by humans. Making probably one of the few companies to admit and outline how AI will affect people’s jobs and also impact people’s jobs.
Speaking to the BBC, the DBS spokesperson Piyush Gupta said,
“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.”
“As such, we expect the reduction in workforce will come from natural attrition as these temporary and contract roles are completed over the next few years.”
By Gamuchirai Mapako
The Singapore bank currently has around 8,000 to 9,000 temporary and contract workers. The bank employs a total of around 41,000 people. The ongoing rapid growth of AI technology has put its benefits and risks under the spotlight, with the International Monetary Fund (IMF) saying in 2024 that it is set to affect nearly 40% of all jobs worldwide. Experts have stated that AI will likely worsen overall inequality.
The governor of the Bank of England, Andrew Bailey, told the BBC last year that AI will not be a “mass destroyer of jobs” and human workers will learn to work with new technologies.
Mr Bailey said that while there are risks with AI, “there is great potential with it”.
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