Singapore’s largest bank has decided to cut 4,000 jobs over the next four years due to the spread of artificial intelligence (AI). Most of the jobs to be cut are non-regular workers.
According to the BBC, the Development Bank of Singapore (DBS) predicted that about 4,000 jobs will be cut over the next three years as AI will more replace what humans do. The bank explained that such measures will affect temporary and contract workers, and that the reduction of manpower will proceed naturally after the project is completed. However, regular workers are unlikely to be affected by the reduction.
“We expect about 1,000 new AI-related jobs to be created,” said Piyush Gupta, CEO of DBS. “We are currently distributing more than 800 AI models. The economic value of these models will exceed S$1 billion.” He said last year that “DBS has been working on AI development for more than a decade.”
Meanwhile, the International Monetary Fund (IMF) also predicted that AI will affect about 40 percent of jobs worldwide in the same year. At the time, IMF Governor Kristalina Georgieva said, “AI is likely to deepen overall inequality.” On the other hand, Bank of England Governor Andrew Bailey said in an interview with the BBC last year that “AI will not destroy jobs in large quantities,” adding, “Workers will learn to work using new technologies. AI has risks, but it also has great potential.”
EJ SONG
US ASIA JOURNAL
