Subj : Employees at Singapores biggest bank are set to lose their jobs t
To   : All
From : TechnologyDaily
Date : Tue Feb 25 2025 12:00:08

Employees at Singapores biggest bank are set to lose their jobs to the AI 
revolution  and that worries me

Date:
Tue, 25 Feb 2025 11:56:00 +0000

Description:
As many as 4,000 temporary and contract DBS workers are set to lose their 
jobs as their terms expire and are not renewed.

FULL STORY
======================================================================Job 
cuts at DBS will take the form of natural attrition [...] over the next few 
years as temporary and contract workers are not rehired Permanent staff will 
not lose their roles 1,000 new jobs are expected to be created 

Singapores largest bank, DBS, has confirmed it will continue using AI tools 
by cutting as many as 4,000 roles (9.7% of DBS total workforce), so the 
technology can take a larger role in its operations. 

A DBS spokesperson told BBC News , reduction in workforce will come from 
natural attrition as temporary and contract roles roll off over the next few 
years." 

The spokesperson did not confirm which roles will be affected, or strictly 
how many will be cut in Singapore alone, but its understood that permanent 
roles wont be affected. As a silver lining, CEO Piyush Gupta, who is set to 
leave the company in March 2025, said the bank expects to create around 1,000 
jobs built around working with AI. DBS AI model workforce and the future of 
work 

In 2024, Gupta said DBS AI push had been ongoing for at least a decade, and 
it now deploys, over 800 AI models across 350 use cases, and expect the 
measured economic impact of these to exceed S$1bn ($745m USD, or 592m) in 
2025." 

Experts are mixed on whether machine-learned large language models ( LLMS  
what artificial intelligence' has largely come to mean to the layperson) will 
drastically change the state of employment and the way we live our lives. In 
2024, the IMF's managing director Kristalina Georgieva estimated AI 
technology would come to affect 40% of jobs worldwide and likely worsen 
inequality. 

However, Andrew Bailey, the governor of the Bank of England (BoE) also told 
the BBC in 2024 he thought that AI wouldnt be a mass destroyer of jobs, but 
that there is great potential with it. In case you missed it, vast swathes of 
artists might want a word with him . 

For me, Its not entirely clear whether an AI-led  human skills revolution is 
on the way. 

On Valentines Day, I reported on, amongst other things, survey findings from 
antivirus software from Norton that found 62% of respondents wouldnt be able 
to spot AI content in an online dating profile . If they cant spot or 
understand the technology, they wont grow with it at work, and that will make 
them seem even more expendable to executives  who you never hear about being 
replaced with AI, oddly enough. You might also like Weve listed the best AI 
image generators right now OpenAI bans multiple accounts found to be misusing 
ChatGPT Weve also listed the best AI website builders



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Link to news story:
https://www.techradar.com/pro/employees-at-singapores-biggest-bank-are-set-to-
lose-their-jobs-to-the-ai-revolution-and-that-worries-me


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