Singapore's biggest bank DBS to cut 4,000 roles as it embraces AI

It makes DBS one of the first major banks to offer details on how AI will affect its operations.

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The move will affect temporary and contract staff, a bank spokesperson said, with the reduction in the workforce coming from "natural attrition" as projects are completed.

Permanent staff are not affected by the cuts. The bank's outgoing chief executive Piyush Gupta also said it expected to create around 1,000 new AI-related jobs.

It makes DBS one of the first major banks to offer details on how AI will affect its operations.

The company did not say how many jobs would be cut in Singapore.