DBS Group, based in Singapore, anticipates a reduction of approximately 4,000 contract and temporary employees over the next three years as artificial intelligence (AI) plays an increasingly prominent role in its operations.
During a recent event hosted by Nasscom, DBS CEO Piyush Gupta highlighted that the bank had previously identified 1,600 positions as redundant due to automation during the 2016-17 period. While many affected employees chose to retire or leave the organization, around 1,200 were successfully reassigned to different roles within the company.
Gupta noted that the forthcoming phase of job reductions is expected to be significantly broader in scope, asserting, “AI is different,” and emphasizing that this technology operates with a higher degree of autonomy than previous tools requiring human oversight. “AI can actually self-create and can manipulate,” he remarked.
In response to Gupta’s comments, a spokesperson for DBS clarified that the anticipated workforce reduction will largely stem from natural attrition, with temporary and contract positions gradually being phased out over the coming years.
The bank has recently added 1,000 new employees dedicated to AI initiatives, utilizing this technology to enhance capabilities in areas such as fraud detection, risk management, and customer onboarding. Gupta expressed optimism about the outcomes, stating, “Our customer engagement rates are up… the volume of business that customers do is also up. Our ability to underwrite customers and bring them on board has changed dramatically.”