The Rise of Artificial Intelligence in Banking Jobs
Employees at Singapore's biggest bank are set to lose their jobs to the AI revolution — and that wor, as thousands of DBS roles are expected to be replaced by artificial intelligence. Job cuts at DBS will take the form of "natural attrition" over the next few years, with temporary and contract workers not being rehired. Permanent staff will not lose their roles, but a significant reduction in workforce is anticipated. The bank expects to create around 1,000 new jobs built around working with AI.
- This widespread adoption of AI technology in banking highlights the need for employees to develop skills that complement machine learning and automation.
- As automation replaces human labor in various industries, what measures can governments take to ensure workers receive adequate retraining and support?