DBS Bank to Cut 4,000 Temporary Roles as AI Adoption Expands

Southeast Asia's largest bank plans workforce reductions over three years while investing in AI-driven roles and employee reskilling.

DBS, Southeast Asia's largest bank, announced plans to reduce 4,000 temporary and contract roles over the next three years as AI takes over project-specific tasks.
The job reductions will occur through natural attrition, with permanent staff remaining unaffected by the changes.
The bank aims to create 1,000 new AI-focused roles and has already initiated reskilling programs for over 10,000 employees to prepare for the shift.
Outgoing CEO Piyush Gupta highlighted the challenges of creating new jobs in the face of AI advancements, calling it an unprecedented experience in his tenure.
Global trends indicate significant job losses in the banking sector due to AI, with estimates suggesting up to 200,000 positions could be cut worldwide in the coming years.