Overview

• DBS, Southeast Asia's largest bank, announced plans to reduce 4,000 temporary and contract roles over the next three years as AI takes over project-specific tasks.
• The job reductions will occur through natural attrition, with permanent staff remaining unaffected by the changes.
• The bank aims to create 1,000 new AI-focused roles and has already initiated reskilling programs for over 10,000 employees to prepare for the shift.
• Outgoing CEO Piyush Gupta highlighted the challenges of creating new jobs in the face of AI advancements, calling it an unprecedented experience in his tenure.
• Global trends indicate significant job losses in the banking sector due to AI, with estimates suggesting up to 200,000 positions could be cut worldwide in the coming years.