Singapore’s DBS bank to cut 4,000 jobs as AI takes over tasks

DBS, Singapore’s largest bank, plans to cut around 4,000 temporary and contract jobs over the next three years as artificial intelligence (AI) automates more tasks, the BBC reported. The reduction will happen through “natural attrition” as projects conclude, and permanent staff will not be affected.

At the same time, DBS expects to create 1,000 new AI-related jobs. The bank, which employs around 41,000 people, already uses over 800 AI models and projects an economic impact of over S$1 billion ($745 million) in 2025.

The move highlights AI’s growing role in the workforce, with global institutions, including the International Monetary Fund, predicting major shifts in employment due to automation.