Artificial intelligence to replace employees. DBS Bank, the largest bank in Singapore, announced that it planned to remove around 4,000 jobs over the next three years, as artificial intelligence (IA) supports a growing part of tasks currently carried out by its employees, reports the BBC.
This measure will only affect temporary box staff, according to a spokesperson for the bank, the reduction in staff from a “natural attrition” as the projects end. The permanent workforce is therefore not affected by these positions of posts.
Piyush Gupta, the director general of the bank who will leave his post at the end of March, also said that the bank was creating around 1,000 new AI -related jobs. This makes DBS, which is the largest credit institution in Southeast Asia, one of the first major banks to make the details on the way in which AI will affect its operations.
“Over the next three years, we plan that AI can reduce the need to renew around 4,000 temporary/contract workers in our 19 markets working on specific projects,” said DBS spokesperson. “We are therefore expecting the reduction in the workforce to come from natural attrition as these temporary and contractual positions are completed in the coming years. »»
AI, a danger for bank employees?
DBS, who has been working on AI for more than a decade, currently employs between 8,000 and 9,000 temporary and contract workers, for a total of around 41,000 employees. The abolition of these positions would therefore lead to a decrease in the Singaporean bank by 10 %.
“In 15 years of career as CEO, for the first time, I find it difficult to create jobs. So far, I have always had a clear idea of the jobs I could create, “said Piyush Gupta, according to Reuters. “Today, I wonder how I will redirect people to creating jobs,” he added.
In 2024, the International Monetary Fund (IMF) said that AI should affect almost 40 % of all jobs worldwide. IMF general director Kristalina Georgieva said that “in most scenarios, AI will probably worsen global inequalities”.
A report by Bloomberg Intelligence published last month indicated that the world banks should eliminate up to 200,000 jobs over the next three to five years, the AI encrypting on the tasks currently carried out by humans.