DBS Singapore Adopts Artificial Intelligence Amidst Workforce Reduction
DBS Singapore, the country's largest bank, plans to reduce its workforce by 4,000 roles over the next three years as artificial intelligence (AI) takes on more work currently done by humans. The bank expects to create around 1,000 new AI-related jobs, with permanent staff not expected to be affected by the cuts. DBS has been working on AI for over a decade and currently deploys over 800 AI models across 350 use cases.
- As the financial industry increasingly adopts AI-driven automation, it raises questions about the long-term viability of roles that are no longer essential to core business operations.
- Will the proliferation of AI-powered job displacement lead to a global reevaluation of education systems, social safety nets, and income support structures?