In this company, AI is going to replace more than 4,000 workers

DBS, the largest bank in Southeast Asia, has announced its intention to reduce 4,000 jobs over the next three years as it implements artificial intelligence (AI) in its operations.

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This decision is part of a broader context in which it is estimated that AI could lead to the elimination of up to 200,000 jobs in the banking sector worldwide over a period of three to five years.

According to a report by Bloomberg Intelligence, this phenomenon would affect approximately 40% of jobs worldwide.

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A spokesperson for the bank, based in Singapore, confirmed that the staff reduction would mainly occur through the termination of temporary and project contracts.

“We anticipate that AI could reduce the need to renew around 4,000 temporary employees in our 19 markets,” he stated in a statement to AFP. He clarified that permanent employees will not be affected and will continue in their positions.

To mitigate the impact of these changes, DBS has initiated upgrade and retraining programs for approximately 13,000 employees, where more than 10,000 have already begun to acquire skills in areas such as AI and data analytics. This strategy aims to prepare the workforce for a constantly evolving environment due to automation.

In light of this situation, the International Monetary Fund (IMF) has emphasized the importance of developing appropriate policies that allow for the safe and beneficial harnessing of AI’s vast potential for humanity.

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However, experts warn that the rapid adoption of technologies can carry risks if the implications for the labor market are not adequately addressed.