DBS Plans to Reduce Workforce by 10% as AI Takes Center Stage

Singapore’s DBS Group expects to reduce its workforce by 10%, cutting 4,000 contract and temporary roles over the next three years as AI becomes integral to its operations. CEO Piyush Gupta highlighted the transformative impact of AI, stating that the technology differs from previous automation tools because it can self-create and manipulate without human oversight.

Gupta noted that while earlier automation efforts led to 1,600 redundancies, the next wave of AI-driven changes will be more extensive. A DBS spokesperson clarified that the reduction will occur through natural attrition as temporary and contract roles phase out.

Meanwhile, DBS has hired 1,000 employees to focus on AI projects, leveraging the technology for fraud detection, risk management, portfolio management, and customer onboarding. Gupta emphasized that AI has already improved customer engagement and business volume, transforming the bank’s underwriting and onboarding processes.