DBS Bank will cut 4,000 jobs over three years as AI reshapes its workforce, while creating 1,000 AI-focused roles. Permanent employees will not be affected.
 |
| DBS Bank will eliminate 4,000 jobs over three years as AI transforms banking, while investing in AI-driven roles to shape the future of financial services. Image: DBS |
Singapore — February 25, 2025:
DBS Bank, Singapore’s largest financial institution, has announced plans to eliminate 4,000 jobs over the next three years as artificial intelligence (AI) automates tasks traditionally handled by humans. The reductions will occur through natural attrition, primarily affecting temporary and contract positions, while permanent staff will remain unaffected.
Outgoing CEO Piyush Gupta confirmed the bank’s strategy includes creating 1,000 new AI-focused roles to support its digital transformation. "We’ve been integrating AI into our operations for over a decade, deploying more than 800 AI models across 350 applications," Gupta said. "By 2025, we expect these models to generate an economic impact exceeding S$1 billion ($745 million)."
DBS employs around 41,000 people globally, including 8,000 to 9,000 temporary and contract workers. However, the bank has not specified how many job reductions will occur in Singapore or which roles will be affected.
Gupta, set to step down at the end of March, will be succeeded by Deputy CEO Tan Su Shan, who will continue leading the bank’s AI-driven initiatives.
The rise of AI across industries has raised concerns about job displacement. The International Monetary Fund (IMF) estimates that AI will impact 40% of jobs worldwide, while the Bank of England’s Governor, Andrew Bailey, has argued that workers will adapt to evolving technologies.
DBS’s restructuring underscores a broader shift in global finance, where AI is driving both efficiency and workforce transformation, redefining the future of banking employment.