DBS halts hiring for roles likely replaced by AI, CEO says

Yesterday 9:53 PM (18 hours ago)

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DBS Group is retraining staff as AI changes job roles and skill needs.

Singapore’s largest bank will not hire for positions expected to be replaced by AI, CEO Tan Su Shan said.

Employees in affected roles will be reassigned and trained for new positions, a process the bank has already started.

Banks worldwide face similar challenges as they adopt AI to improve efficiency and cut costs.

In Singapore, the three main banks plan to retrain 35,000 local employees within one to two years.

Affected staff will receive support to reskill or move into related roles, with some shifting from service or call center jobs to relationship management.

🔗 Source: Bloomberg

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DBS plans a 10% headcount cut with unclear automation
DBS plans a 10% cut, about 4,000 positions, in three years amid AI rollout 1. It has not said which functions or geographies will get cut, so the mix remains unclear across operations, customer service, or back office.
The 2016 to 2017 change hit 1,600 jobs with reskilling and union collaboration 1. This round is trickier because AI can “self-create and mimic” across tasks 1. Automation could reach past routine work into credit underwriting (assessing borrower risk and loan terms) or hiring, where DBS uses generative AI 1.
Concerns about AI “hallucinations” keep the bank from automation of customer chats 1. Frontline jobs tilt toward relationship management (client advisory and account management) instead of vanishing.

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Singapore banks target 35,000 retraining, boosting IBF-accredited demand
The three major banks plan to retrain 35,000 local employees within one to two years, according to the Monetary Authority of Singapore 2. That builds a market for IBF-accredited providers offering AI and technology courses eligible for IBF-STS funding 2.
Training platforms plus HR tech vendors can align courses to future-enabled skills and technical competencies under the Institute of Banking and Finance Standards Training Scheme (IBF-STS) 2. Banks can tap subsidies for executive and non-executive staff if courses meet IBF attendance plus assessment rules 2.

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