DBS, Singapore's largest bank, have announced plans to reduce its workforce by approximately 4,000 roles over the next three years. This movie is driven by the increase adoption of artificial intelligence (AI) Technologies, which will assume responsibilities currently handled by humans emplooyes.
The affected positions will primarily consult of temporary and contrast staff, with the reduction in workforce resulting from natural attitude as projects are completes. Notable, Permanent Staff will not be impacted by these cuts.
According to DBS's Outgoing Ceo, Piyush Gupta, The Bank Expects to Create Around 1,000 new job Opportunities related to Ai. This development makes dbs one of the first Major Banks to Provide Insight IFFECTS of Ai on Its Operations. However, the company has not disclosed the number of jobs that will be cut in Singapore specifically.
A DBS spoakesperson elaborated on the workforce Reduction, Stating, “Over the Next Three Years, We Envisage That AI Black Reduce the Need to Renew about 4,000 TEMPORARY/CONTRCT StAFF Ar Markets Working on Specific Projects “. The specksperson continued, “As such, we expect the reduction in workforce will come from natural attitude as these temporary and contrast roles are compounded Over the Next Few years.”
Currently, DBS Employees Between 8,000 and 9,000 Temporary and Contract Workers, In addition to its total workforce of around 41,000 people. Last Year, Gupta Reveled that DBS Had Been Investing In Ai Technologies for Over a decade. He NOTED, “We Today Deploy Over 800 AI Models 350 Use Cases, and Expect the Measured Economic Impact Of The to Exced S $ 1BN ($ 745M; £ 592m) in 202m.
As gupta prepares to leave the firm at the end of March, current deputy ceo tan su Shan is set to successed he. The increase prevalence of ai technology has sparked intenses debate about its benefits and risks. The International Monetary Fund (imf) has warned that ai is likely to affect Nearly 40% of all jobs worldwide. Imf Managing Director Kristalina Georgieva cautioned that “in Most Scenarios, AI will likely exacerbate overall identic identic.”
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