DBS Restructures! Replaces Humans with AI, Reducing 4,000 Jobs
DBS Group, Singapore’s leading bank, is preparing to reduce its workforce by 4,000 positions over the next 3 years due to AI replacing human jobs, particularly among contract workers and temporary staff.
Piyush Gupta, CEO of DBS, confirmed that this job reduction is part of the bank’s plan to increase AI usage. The most impacted will be contract employees and temporary workers, with approximately half of this group affected, around 4,000 out of 8,000-9,000 total employees.
However, permanent staff will not be directly impacted. The job reductions will occur naturally, meaning when contracts end, the bank may choose not to renew contracts or hire new staff.
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Which jobs will AI replace?
Banks worldwide are adapting to new technologies, and it’s expected that in the next 3-5 years, up to 200,000 banking jobs may disappear globally, especially in the following high-risk roles:
- Back-office & middle-office jobs (e.g., document handling, data management)
- Operational roles (e.g., transaction checks)
- Customer service departments, which are already using chatbots and AI to assist with customer inquiries
- KYC (Know Your Customer) departments, where AI can help filter and verify data
AI is Rising! But it doesn’t mean humans won’t work anymore
Even though AI is playing a larger role, experts from JPMorgan Chase confirm that AI will enhance work productivity rather than fully replace humans. This means those in banking jobs may need to adjust and learn new technologies to work effectively with AI.
What does the future of the banking workforce look like?
- Jobs requiring specialized skills, data analysis, strategic planning, and creative thinking will still be in high demand.
- People with technology and AI skills will have an advantage.
- Employees who can work alongside AI will have a better chance of surviving compared to those who do not adapt.
Overall, this may be a warning for banking employees worldwide to prepare for changes in the industry as AI continues to play a bigger role. Those who adapt faster will thrive in the new world of work.
Reference
- Popular tags | AI
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