Singapore's biggest bank to cut 4,000 roles as AI replaces humans
Singapore's biggest bank, DBS has announced plans to cut around 4,000 roles over the next three years, with most of the reductions affecting temporary and contract workers.
The bank clarified that permanent staff members will not be impacted by these changes, which are part of a broader strategy to streamline operations through technology.
While some jobs will be eliminated, DBS is also creating approximately 1,000 new positions related to emerging technologies. The bank’s outgoing CEO estimates that these changes could result in an economic impact exceeding 1 billion Singapore dollars by 2025.
