DBS announces the replacement of employees by AI

The bank DBSthe largest financial institution in Singapore, would be about to make a major change in its staff. Bank CEO Piyush Gupta admitted the impact of AI on future job losses at the NASSCOM Forum, an Indian organization representing the information technology and digital services industry.

FACTS

• The President of the DBS has therefore just said that he plans to abolish almost 4,000 temporary jobs over the next three years through 19 markets where the bank currently operates.

• These abolitions will be ensured in the context of the non-renewal of temporary posts in the coming years.

• In question, their replacement by the latest technologies of Artificial Intelligence, which, according to him, are able to assume more and more burdens and operations currently managed by humans.

• To compensate for these cuts in staff, Piyush Gupta is also planning to create 1,000 new jobs created in conjunction with Artificial Intelligence technologies in order to boost the bank's capabilities in this area.

ISSUES

• Formalizing a Threat : In January 2025, a Bloomberg Intelligence study revealed Global banks could eliminate up to 200,000 jobs over the next three to five years due to automation of tasks through artificial intelligence (AI). This reduction would represent about 3% of the total banking workforce. The announcement by the President of the DBS concerning the abolition of his jobs resonates as an initial confirmation of these forecasts, since it is about 10% of the total current staff of the Singaporean bank that would be affected (staff of between 8,000 and 9,000 temporary workers). This formalisation therefore represents a shift within the banking and financial sector as the actors involved so far stressed their ambition to integrate AI to optimize processes and positions rather than to replace them.

• Assuming its status as a vanguard DBS has been working for years to offer experiences integrating new technologies. It offers banking services on the blockchain and also used for example the Mvertical in 2023. DBS also developed more than 600 AI/ML models and 300 use cases in recent years

PERSPECTIVE

• 2024 was marked by the democratisation of artificial intelligence technologies and the acceleration of their deployment in services around the world. The financial services sector is particularly marked by this technological development.

• The year 2025 is expected to follow a similar trend in the wider deployment of artificial intelligence technologies. Some initiatives even seem to confirm the acceleration of initiatives on a very large scale. In France, for example, in addition to the creation of a data centre on an IA campus financed by the United Arab Emirates or the Investment by Bpifrance, VivaTech and the World Economic Forum have also announced the creation of a European Centre of Excellence in Artificial Intelligence (CAIE) in Paris.

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