DBS to cut 4,000 roles as AI replaces humans
Singapore's biggest bank, DBS, says it expects to cut about 4,000 roles over the next three years as artificial intelligence (AI) takes on more work currently done by humans.
The move will affect temporary and contract staff, a bank spokesperson said, with the reduction in the workforce coming from "natural attrition" as projects are completed.
Permanent staff are not affected by the cuts. The bank's outgoing chief executive Piyush Gupta also said it expected to create around 1,000 new AI-related jobs.
It makes DBS one of the first major banks to offer details on how AI will affect its operations.
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