25.02.2025 21:10
One of Singapore's largest banks, DBS, announced that it plans to lay off approximately 4,000 contract employees in various positions over the next three years, intending to utilize artificial intelligence in these roles.
DBS, one of the largest banks in Singapore, announced that it will lay off 4,000 employees over the next 3 years and will instead utilize artificial intelligence technology.
4,000 EMPLOYEES WILL BE LAID OFF
According to local media reports, DBS Bank Chairman Piyush Gupta made evaluations on the effects of artificial intelligence in the banking sector at a conference held in Mumbai, India. Gupta expressed that he expects artificial intelligence to take on more of the tasks currently performed by humans, stating, "According to my current estimate, we will reduce our workforce by about 4,000 people or 10% over the next 3 years."
THEY WILL BENEFIT FROM ARTIFICIAL INTELLIGENCE
Gupta emphasized that the layoffs will consist of contract workers, while planning to open approximately 1,000 new positions related to artificial intelligence in return. No detailed information was provided about which positions would be affected by the layoffs. DBS Bank, which provides employment for about 41,000 people, has between 8,000 to 9,000 contract workers.