Southeast Asia’s largest bank, DBS, has announced that artificial intelligence could replace 4,000 jobs over the next three years as the technology advances.
A spokesperson for the Singapore-based bank confirmed that these reductions will primarily affect temporary and contract staff working on specific projects across 19 markets. The cuts will occur through natural attrition as contracts end.
A Bloomberg Intelligence report recently projected that AI could lead to 200,000 job cuts in the banking sector globally within five years. Meanwhile, the International Monetary Fund has warned that AI could impact 40% of jobs worldwide.
DBS assured that permanent staff will not be affected and revealed that 13,000 employees have been identified for upskilling, with over 10,000 already undergoing training in AI and data skills.