Singapore's largest bank, DBS, has announced plans to cut 4,000 jobs over the next three years as Artificial Intelligence (AI) takes over more and more tasks previously performed by employees.
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He announced, however, that the cuts are not expected to affect permanent staff.
The bank's CEO, Piyush Gupta, announced that it plans to create around 1,000 new jobs in the field of artificial intelligence, thereby boosting growth and innovation in the industry.
This makes DBS one of the first large banks to detail the impact of artificial intelligence on their operations.
DBS currently employs between 8,000 and 9,000 temporary and contract workers, according to the Telegraph, as reported by the BBC. The bank also employs around 41,000 people in total.
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Last year, Gupta said that DBS has been involved in AI development for over ten years.
“We are currently developing over 800 AI models across 350 use cases and expect their economic impact to exceed $1 billion by 2025,” Gupta said.
Alternatively, he will step down from his position at DBS at the end of March, with his current deputy, Tan Su Shan, taking over.
The rapid development of artificial intelligence (AI) has brought to the fore both its benefits and its risks. The International Monetary Fund (IMF) estimates that AI will impact nearly 40% of jobs globally.
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IMF Managing Director Kristalina Georgievanoted that "in many cases, artificial intelligence may exacerbate existing social inequalities."
Source: telegraph
