The rise of artificial intelligence (AI) is now costing thousands their jobs—starting with 4,000 positions at Singapore’s largest bank, DBS.

The bank has revealed that over the next three years, thousands of temporary and contract roles will be phased out as AI automates more tasks.

A spokesperson for the bank confirmed that the job cuts will not involve permanent employees but will instead come from temporary and contract positions.

“The reduction in workforce will come from natural attrition as temporary and contract roles roll off over the next few years,” the spokesperson told the BBC.

The bank, which employs around 41,000 people globally, has between 8,000 and 9,000 contract and temporary workers.

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However, it did not disclose how many of the cuts will be in Singapore or which specific roles will be affected.

Even as AI replaces certain functions, DBS is preparing to create new opportunities in the technology space, with approximately 1,000 new positions expected to be dedicated to AI-related work.

Outgoing chief executive Piyush Gupta, who will leave at the end of March, previously highlighted the bank’s investment in AI, saying, “We today deploy over 800 AI models across 350 use cases, and expect the measured economic impact of these to exceed $1 billion in 2025.”

DBS’s announcement makes it one of the first major banks to provide concrete details on how AI will reshape its workforce.

The impact of AI on employment has been widely debated, with the International Monetary Fund (IMF) warning in 2024 that nearly 40 per cent of jobs worldwide could be affected.

Managing director Kristalina Georgieva cautioned that “in most scenarios, AI will likely worsen overall inequality.”

However, some experts argue that AI’s impact on jobs may not be entirely negative.

Bank of England governor Andrew Bailey dismissed fears of widespread unemployment, stating that AI will not be a “mass destroyer of jobs” and that workers will adapt to technological advancements.

While acknowledging certain risks, he also noted, “There is great potential with it.”


As AI continues to reshape industries, DBS’s strategy reflects the changing landscape of employment, with automation replacing some roles while creating new opportunities in emerging technology fields.