Major Asia bank to cut 4,000 roles as AI replaces humans.

DBS, one of Singapore's largest banks, recently announced that it plans to lay off about 4,000 employees over the next three years, considering the spread of artificial intelligence within the professional sector. This change will not affect permanent employees, only and exclusively those in temporary positions.

The reduction in the workforce will take place in a “natural” way, following the completion of various ongoing projects. In addition, the implementation of artificial intelligence will spontaneously cause the need for new staff, thus opening up about 1,000 new job positions within the company.

The bank's CEO, Piyush Gupta, also openly shared details regarding the use of AI in the company's workforce. Currently, DBS employs more than 800 AI models in 350 use cases; the economic impact of these models is expected to exceed 1 billion Singapore dollars in 2025.