The biggest Singapore bank says it cuts 4,000 roles in the next three years as artificial intelligence (AI) people are currently doing.
“Reduced workers come from natural attraction temporarily and contract roles moving over the next few years,” a DBS spokesman told BBC.
Permanent staff is not expected to be affected by cuts. The Bank Pichor Executive Piyush Gupta also said it is expected to make 1,000 new jobs related to AI.
It makes DBS one of the first major banks to offer details on how AI affects its operations.
The company does not say how many jobs cut in Singapore or which roles will be affected.
DBS is currently between 8,000 and 9,000 temporarily and contract workers. The bank uses the total 41,000 people.
In the past year, Mr. Gupta said DBS works with AI for more than a decade.
“We have now deployed to over 800 AI models in 350 cases of use, and expected the measured economic impact on its S $ 1bn ($ 745m) in 2025,” he added.
Mr. Gupta is set to leave the company at the end of March. The present representative chief executive Tan Shan will replace him.
The ongoing development of AI technology places benefits and risks below the surface, with The International Monetary Fund (IMF) speaks 2024 that it is set to affect nearly 40% of all jobs around the world.
The Director of the IMF Kristalina Georgieva says “In most situations, AI can identify the overall inequality”.
the Governor of Bank of England, Andrew Bailey, speaking BBC Last year AI is not a “mass destroying jobs” and human workers learn to work with new technologies.
Mr. Bailey said that while there are AI hazards, “there is a lot of potential”.
