DBS Bank of Singapore has stated that it expects to gradually lay off over 4000 people over the next three years as Artificial Intelligence takes up more and more work done by humans. The bank says that they expect these attritions to be mostly from temporary and contractual workforce.
BBC has reported citing a DBS spokesperson that permanent staff of the Bank are not expected to be affected by this. Outgoing CEO Piyush Gupta has aded that they expect to add 1000 new jobs in AI-related roles.
The DBS Bank currently employs around 8000-9000 temporary and contractual workers, among a total workforce of around 41,000 people.
The DBS Bank currently employs 800 AI models on 350 different use cases, with an estimated financial impact of 1 billion Singapore Dollars in the year 2025.
The IMF has stated that as per its estimates, nearly 40% of global jobs will be affected by AI.
