DBS to Cut 4,000 Jobs Over Next Three Years Due to AI Push

Singapore banking giant DBS CEO Piyush Gupta said Monday that it plans to slash 4,000 jobs over the next three years as artificial intelligence takes over more banking operations.

At a Nasscom event, Gupta said the cuts would trim about 10% of the bank's workforce. He noted that this marks the first significant reduction at DBS during his 15-year tenure as CEO.
"AI is very powerful. It can self-create and also mimic," Gupta said, adding that, unlike past tech shifts, he's finding it harder to create new roles for affected workers.

The move contrasts sharply with DBS's previous approach to automation. During the bank's 2016-17 digital push, which impacted 1,600 staff, DBS worked with unions to reassign workers rather than cut jobs.
DBS began rolling out AI tools in customer service, lending, and hiring two years ago. While cautious about AI handling customer interactions due to potential errors, the bank aims to expand its AI customer service program by year-end.

DBS began implementing generative AI solutions two years ago, though Gupta noted the technology's full impact remains to be seen. The bank currently uses AI across various operations, including customer service, credit assessment, and recruitment. 

The cuts come despite an earlier stumble with AI tech in 2012-13, reflecting how quickly the technology has advanced in reshaping traditional banking roles.