DBS Bank plans 4,000 job cuts over AI adoption

DBS Bank, Singapore's largest lender, plans to cut approximately 4,000 temporary and contract jobs over the next three years due to the increasing integration of artificial intelligence (AI) into its operations. This reduction represents about 10% of its workforce, which totals around 41,000 employees; however, permanent staff are expected to remain unaffected. Outgoing CEO Piyush Gupta announced that the bank will also create about 1,000 new AI-related positions, marking a significant shift in employment dynamics within the bank. Gupta expressed concern over the challenges of creating new jobs amid AI advancements, stating it's the first time in his 15 years as CEO he is struggling to repurpose roles. The International Monetary Fund projects that AI may impact nearly 40% of jobs globally, raising concerns about inequality. Despite these challenges, the Bank of England's governor remains optimistic that AI will not lead to mass job destruction, highlighting the potential benefits of new technology.