DBS Bank, Singapore's largest bank, forecasts a reduction of 4,000 roles in the next three years, driven by the increasing implementation of artificial intelligence technology. The cuts will primarily impact temporary and contract positions due to natural attrition, ensuring permanent staff remain unaffected. CEO Piyush Gupta noted the bank's commitment to AI, with over 800 models deployed, predicting significant economic benefits. As AI transforms employment landscapes, the IMF warns of potential job impacts, suggesting inequality may rise, despite other experts acknowledging AI's beneficial potential.
The International Monetary Fund predicts that by 2024, AI will impact nearly 40% of jobs worldwide, potentially exacerbating inequality.
DBS anticipates reducing its workforce by 4,000 through natural attrition as it implements AI technology, while creating 1,000 new AI-related jobs.
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