Major Asia bank to cut 4,000 roles as AI replaces humans

Singapore's largest bank, DBS, plans to cut 4,000 temporary and contract roles over the next three years as it increases its use of artificial intelligence (AI) to handle tasks previously done by humans.

According to a DBS spokesperson, these reductions will occur naturally as temporary and contract workers’ roles expire, with permanent staff remaining unaffected.

Outgoing CEO Piyush Gupta highlighted that while the bank will reduce these roles, it also expects to create around 1,000 new AI-related positions.

DBS, which employs around 41,000 people of which 8,000 to 9,000 are temporary currently deploys over 800 AI models across 350 use cases, with an anticipated economic impact exceeding S$1 billion in 2025. This development reflects broader global concerns about AI’s impact on employment and inequality.