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DBS, Southeast Asia’s leading financial institution, has projected that advancements in artificial intelligence could lead to the elimination of approximately 4,000 jobs over the next three years, as the bank pivots toward cutting-edge technology to streamline operations.
A spokesperson for the Singapore-based giant told AFP on Tuesday, February 25, 2025, “We anticipate that within the next three years, AI could diminish the need to rehire around 4,000 temporary and contract workers across our 19 markets, who are currently engaged in targeted projects,” corroborating earlier speculation about the shift.
The spokesperson clarified, “This workforce reduction is likely to occur organically, as these short-term roles naturally phase out upon project completion over the coming years, rather than through abrupt cuts.”
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A Bloomberg Intelligence analysis from January 2025 echoed this trend, forecasting that global banking could shed up to 200,000 positions within the next three to five years, driven by AI’s growing footprint in the sector.
The International Monetary Fund added broader context last year, estimating that AI’s transformative reach could disrupt roughly 40 percent of jobs worldwide, underscoring the technology’s sweeping implications across industries.
“We will need to come up with a set of policies to safely leverage the vast potential of AI for the benefit of humanity,” the IMF said.
DBS said permanent staff across different markets will not be affected.
The lender, headquartered in Singapore, indicated that it had allocated roughly 13,000 workers for programs to boost or redirect their skill sets, with more than 10,000 already participating in focused training tracks. It pointed out that these tracks, emphasizing expertise in artificial intelligence and data analytics, illustrated its pledge to adapt its personnel for a tech-oriented landscape.
