DBS, Singapore’s biggest bank, is set to undergo a major transformation as it embarks on an ambitious plan to leverage artificial intelligence (AI) technology. With over 4,000 roles expected to be cut in the next three years, the move marks a significant shift towards automation and digitalization.
DBS, Singapore’s biggest bank, has announced plans to cut approximately 4,000 roles over the next three years due to the increasing use of artificial intelligence (AI).
The reduction in workforce will primarily affect temporary and contract staff, with the bank expecting a natural attrition of these roles as projects are completed.
The move is part of DBS’s strategy to leverage AI technology, which it has been working on for over a decade. According to outgoing Chief Executive Piyush Gupta, the bank currently deploys over 800 AI models across 350 use cases and expects the economic impact of these to exceed S$1bn by 2025.
Artificial intelligence (AI) has undergone significant development since its inception in the mid-20th century.
The first AI program, ELIZA, was created in 1966 by Joseph Weizenbaum at MIT.
Since then, AI has progressed rapidly with advancements in machine learning and deep learning algorithms.
In recent years, AI has been applied in various industries such as healthcare, finance, and transportation.
According to a report by MarketsandMarkets, the global AI market is projected to reach $190 billion by 2025.
As 'AI technology continues to evolve,' it is expected to have a profound impact on society and revolutionize numerous aspects of our lives.
While the cuts will primarily affect temporary and contract staff, permanent employees are not expected to be impacted. In fact, DBS plans to create around 1,000 new AI-related jobs in the coming years. The bank’s current workforce consists of approximately 41,000 people, with between 8,000 and 9,000 of these being temporary and contract workers.
The use of AI technology has been a topic of discussion globally, with some experts warning of its potential risks, including increased inequality. However, others argue that AI will not be a ‘mass destroyer of jobs‘ and that human workers will learn to work alongside new technologies. DBS’s move is one of the first major banks to offer details on how AI will affect its operations.
The ongoing proliferation of AI technology has raised concerns about its impact on employment worldwide. According to the International Monetary Fund (IMF), nearly 40% of all jobs are set to be affected by AI in the coming years. While some experts warn of increased inequality, others see great potential for growth and development.
Artificial intelligence (AI) is transforming industries worldwide, creating a surge in job opportunities.
According to a report by Gartner, AI-related jobs will increase by 4 million by 2025.
The most in-demand roles include machine learning engineers, data scientists, and natural language processing specialists.
Companies like Google, Amazon, and Microsoft are investing heavily in AI research and development, driving innovation and growth.
DBS’s decision to cut 4,000 roles highlights the need for workers to adapt to changing technological landscapes. As AI continues to advance, it is essential that employees develop new skills and learn to work alongside machines. With DBS creating around 1,000 new AI-related jobs, it remains to be seen how this will impact the bank’s workforce in the long term.
DBS Group, a multinational banking and financial services company, has undergone significant restructuring efforts in recent years.
According to reports, the company has implemented various cost-cutting measures, including layoffs, to improve operational efficiency.
In 2020, DBS announced plans to reduce its workforce by up to 10% as part of its efforts to adapt to a rapidly changing financial landscape.
The layoffs were reportedly focused on non-core business areas and affected employees in Singapore, Hong Kong, and other regional hubs.
The company has since maintained that the restructuring efforts are aimed at enhancing competitiveness and driving long-term growth.
DBS has been working on AI for over a decade, with significant investments made in recent years. The bank currently deploys over 800 AI models across 350 use cases and expects the economic impact of these to exceed S$1bn by 2025. With this move, DBS is one of the first major banks to offer details on how AI will affect its operations.
As AI continues to shape the banking industry, it remains to be seen how other major banks will respond to changing technological landscapes. Will they follow DBS’s lead and invest heavily in AI technology, or will they take a more cautious approach? Only time will tell.
