{"id":1291269,"date":"2025-02-25T14:05:26","date_gmt":"2025-02-25T08:35:26","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1291269"},"modified":"2025-02-25T14:06:04","modified_gmt":"2025-02-25T08:36:04","slug":"this-bank-will-fire-4000-employees-due-to-increasing-ai-usage","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/this-bank-will-fire-4000-employees-due-to-increasing-ai-usage\/","title":{"rendered":"This Bank Will Fire 4000 Employees Due To Increasing AI Usage"},"content":{"rendered":"\n<p><strong>Singapore-based DBS Group<\/strong> plans to <strong>reduce its workforce by 10% over the next three years<\/strong> as it intensifies its use of <strong>artificial intelligence (AI)<\/strong> across operations. The announcement was made by <strong>CEO Piyush Gupta<\/strong> during an event organized by <strong>Nasscom<\/strong>, highlighting AI\u2019s growing influence in the banking sector.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"465\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/02\/Untitled-design-9-2.jpeg\" alt=\"This Bank Will Fire 4000 Employees Due To Increasing AI Usage\" class=\"wp-image-1291271\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/02\/Untitled-design-9-2.jpeg 1000w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/02\/Untitled-design-9-2-300x140.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/02\/Untitled-design-9-2-768x357.jpeg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>AI Driving Workforce Reduction<\/strong><\/h3>\n\n\n\n<p>Gupta stated that AI is <strong>unlike any other technology<\/strong> previously adopted, as it can <a href=\"https:\/\/zeenews.india.com\/economy\/dbs-bank-to-cut-10-per-cent-jobs-over-next-3-years-as-ai-role-rises-2863789.html\"><strong>self-create and manipulate<\/strong>,<\/a> making certain job roles redundant. DBS is using AI for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Fraud detection, risk management, and scam prevention<\/strong><\/li>\n\n\n\n<li><strong>Internal job mobility and portfolio management<\/strong><\/li>\n\n\n\n<li><strong>Onboarding new customers and streamlining operations<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Despite the <strong>10% workforce reduction<\/strong>, DBS has also <strong>hired 1,000 AI specialists<\/strong>, indicating its focus on building AI capabilities.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Workforce Transition and Job Cuts<\/strong><\/h3>\n\n\n\n<p>This transition is not DBS\u2019s first encounter with automation-driven job losses. In <strong>2016-17<\/strong>, the bank identified <strong>1,600 redundant roles<\/strong>, but successfully <strong>retrained and reassigned<\/strong> 1,200 employees. However, Gupta acknowledged that AI\u2019s impact this time is <strong>more profound<\/strong>, making it difficult to create new roles.<\/p>\n\n\n\n<p>The <strong>4,000 planned job cuts<\/strong> will primarily involve <strong>contract and temporary staff<\/strong>, with a significant portion expected to leave through <strong>natural attrition<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Cautious AI Adoption in Customer Outreach<\/strong><\/h3>\n\n\n\n<p>While DBS is leveraging AI for multiple functions, the bank remains cautious about <strong>fully automating customer interactions<\/strong> due to AI\u2019s tendency to <strong>hallucinate<\/strong> (generate incorrect or misleading responses). However, it has successfully <strong>tested AI-driven customer engagement<\/strong> and plans to expand its use by the <strong>end of 2025<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>DBS Bank\u2019s Growth Amid AI Transformation<\/strong><\/h3>\n\n\n\n<p>Despite the planned <strong>workforce reduction<\/strong>, DBS has seen <strong>strong business growth<\/strong>, with its <strong>client base expanding from 6 million to 20 million<\/strong>. The bank, which has over <strong>6,500 employees in India<\/strong>, reported an income of <strong>SGD 22.3 billion<\/strong> and a net profit of <strong>SGD 11.4 billion<\/strong> in 2024.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h3>\n\n\n\n<p>DBS Group\u2019s <strong>AI-driven transformation<\/strong> highlights the <strong>dual impact of automation<\/strong>\u2014enhancing efficiency while also making certain roles obsolete. As the <strong>banking sector increasingly embraces AI<\/strong>, balancing <strong>innovation with workforce stability<\/strong> remains a critical challenge.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Singapore-based DBS Group plans to reduce its workforce by 10% over the next three years as it intensifies its use of artificial intelligence (AI) across operations. The announcement was made by CEO Piyush Gupta during an event organized by Nasscom, highlighting AI\u2019s growing influence in the banking sector. AI Driving Workforce Reduction Gupta stated that [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":1291271,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[271,4619,578],"class_list":["post-1291269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-ai","tag-dbs-bank","tag-job-loss"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>This Bank Will Fire 4000 Employees Due To Increasing AI Usage - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/this-bank-will-fire-4000-employees-due-to-increasing-ai-usage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This Bank Will Fire 4000 Employees Due To Increasing AI Usage - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"Singapore-based DBS Group plans to reduce its workforce by 10% over the next three years as it intensifies its use of artificial intelligence (AI) across operations. 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