DBS Bank of Singapore plans to make up to 4,000 job cuts within the next three years due to the growing encroachment of artificial intelligence (AI) into the jobs market. This will mainly impact temporary and contracted workers amid the usual course of change. No direct impact would be seen on permanent employees.
AI is expected to create around 1,000 jobs in the AI-related categories. CEO Piyush Gupta said that DBS has been using AI for more than a decade, adding that the economic impact is expected to exceed $745 million by 2025.
The current headcount of DBS is around 41,000 employees, which include temporary and permanent employees. The transition of the AI growth in different sectors into the jobs market is expected to bring an all-out resounding change in it, with IMF roughly estimating to affect a staggering 40% of the global jobs.
Experts continue to raise concerns about pervasive new technologies that could serve to deepen inequalities, while some argue the opposite, that there might be opportunities for workers to shift and thrive in a rapidly changing new technological environment.