Singapore’s largest bank says he expects to reduce 4,000 roles in the next three years, as artificial intelligence (AI) takes over more work that currently works.
“The reduction of labor will come from natural exhaustion because temporary and contractual roles take place over the next few years,” DBS spokesman told the BBC.
The staff are expected to affect the cuts constantly. Executive CEO of Bank Piyush Gupta also said he expects to create about 1,000 new jobs related to AI.
DBS makes one of the first large banks to offer details on how Ai will affect his business.
The company did not say how much jobs would be reduced in Singapore or what roles would be influenced.
DBS currently has between 8,000 and 9,000 temporary and contracting workers. The bank employs a total of about 41,000 people.
Last year, Mr. Gupta said DBS was working on AI for more than a decade.
“Today we implement more than 800 AI models in 350 cases of use and we expect the measured economic impact to exceed $ 1 billion ($ 745 million; £ 592 million) in 2025,” he added.
Mr. Gupta should leave the company in late March. The current deputy director of Tan are Shan will replace it.
The constant expansion of AI technology has put its advantages and risks in the center of attention, Statement of International Monetary Fund (IMF) 2024 that it should affect almost 40% of all business around the world.
Crystaline General General Georgieva said that “in most scenarios AI is likely to make overall inequality.”
AND Governor Bank of England, Andrew Bailey, told BBC Last year that AI will not be “mass destroyer jobs” and human workers will learn to work with new technologies.
Mr. Bailey said that even though there are risks with AI, “there is great potential with that.”
