DBS to cut 4,000 contract and temp jobs as AI replaces roles

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DBS Group Holdings (DBS) plans to cut 4,000 of its contract and temporary staff over the next three years. This comes as artificial intelligence will increasingly take on roles carried out by human beings.

Confirming a Press Trust for India news agency report, outgoing CEO Piyush Gupta said that DBS currently has 8,000 to 9,000 contract and temporary staff, reported Straits Times. However, DBS' permanent staff will not be affected by the cuts. Currently, DBS has 41,000 staff under the company.

MARKETING-INTERACTIVE has reached out to DBS for a statement.

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Gupta is expected to step down from the title of CEO on 28 March after 15 years in the role. He will be succeeded by DBS banker Tan Su Shan.

Tan brings solid credentials to her new role, having had more than 35 years of experience in consumer banking, wealth management and institutional banking. Besides Singapore, she has worked in major financial centres such as Hong Kong, Tokyo and London. She will take on the role of deputy CEO in addition to her present role as group head of institutional banking.

According to a Bloomberg Insider report in January this year, global banks will cut as many as 20,000 jobs in the next five years as AI encroaches on tasks currently carried out by human workers.

That said, banking is not the only industry to be affected by AI. In February this year, tech giant Meta informed its employees of job cuts, with thousands of people to be terminated as it shifts its focus on finding new talent in the AI sector.

Meta workers who were cut from their jobs were notified via email, according to Bloomberg. The company reportedly offered employees based in America severance packages that include 16 weeks of salary and two weeks for each year of service.

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