DBS Bank Announces Job Cuts Due to AI, But New Opportunities Also Expected

Singapore's largest bank, DBS, has announced that up to 4,000 employees could lose their jobs due to artificial intelligence over the next three to four years. A DBS spokesperson clarified that the layoffs will primarily impact temporary and contract employees.

The bank's CEO, Piyush Gupta, stated that approximately 1,000 new AI-related jobs will be created in the coming years. However, the company did not specify how many employees would be laid off in Singapore.

DBS currently employs between 8,000 and 9,000 temporary and contract workers, out of a total workforce of 41,000. Last year, CEO Piyush Gupta mentioned that DBS Bank had been working on AI for over a decade.