(24 February 2025 – Singapore) DBS Group plans to phase out 4,000 contract and temporary positions over the next three years as artificial intelligence (AI) takes on a greater role in operations.
Speaking at a Nasscom event, DBS CEO Piyush Gupta highlighted the bank’s evolving approach to automation. In 2016-17, DBS identified 1,600 roles made redundant by automation, with many employees transitioning to other positions. However, Gupta noted that AI presents a different challenge: “AI is different… it can actually self-create and can manipulate.”
A DBS spokesperson later clarified that the workforce reduction would occur through natural attrition as temporary and contract roles conclude over time.
The bank has already integrated AI across several functions, employing 1,000 specialists to leverage AI in fraud prevention, risk management, portfolio management, and customer onboarding. “Our customer engagement rates are up… the volume of business that customers do is also up,” Gupta stated, emphasising AI’s impact on improving customer interactions and underwriting processes.