As more work is being completed by humans, the largest banks in Singapore anticipates cutting 4, 000 jobs over the next three decades.
” The decrease in workforce will result from normal retention as temporary and contract positions leave over the upcoming few times,” a DBS spokesman told the BBC.
Continuous workers are not anticipated to suffer the effects of the cuts. Piyush Gupta, the company’s incoming chief executive, also stated that it anticipates creating around 1, 000 new AI-related tasks.
DBS becomes one of the first major lenders to provide information on how AI does impact its business operations.
The business declined to disclose the number of job cuts and the damaged positions.
DBS now has between 8, 000 and 9, 000 transitory and contract employees. The lender employs a total of approximately 41, 000 people.
Mr. Gupta claimed that DBS has been working on AI for more than ten years next month.
” We today deploy over 800 AI models across 350 use cases, and expect the measured economic impact of these to exceed S$ 1bn ($ 745m, £592m ) in 2025″, he added.
At the end of March, Mr. Gupta is scheduled to leave the business. Tan Su Shan, the company’s latest assistant chief executive, will succeed him.
The ongoing proliferation 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.
The IMF’s controlling chairman Kristalina Georgieva said that “in most settings, AI will likely increase total 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 claimed that while AI has risks,” there is tremendous potential with it.”