Singapore’s largest bank will cut about 4,000 jobs over the next three years due to artificial intelligence.

“The reduction of the workforce will come from natural wear as temporary roles will be abolished in the coming years,” Reported DBS Bank spokesman in the BBC. He notes that permanent staff are not expected to be affected by these cuts.

Outgoing Chief Executive Officer of Bank Piyush Gupta said he expects to create approximately 1,000 new jobs associated with the artificial intelligence.

DBS, one of the first big banks to offer details on how AI will affect its activities. The company did not mention how many jobs will be cut in Singapore or who will be affected. DBS currently employs between 8,000 and 9,000 interim employees and has 41,000 people in its potential.

Last year, Gupta said DBS was working on artificial intelligence for over a decade. “Today we develop over 800 artificial intelligence models in 350 cases of use and expect that their measured financial impact will exceed $ 745 million in 2025”, added.

The ongoing spread of technology has set the benefits and dangers of artificial intelligence at the center of interest, with the International Monetary Fund reporting in 2024 that it is going to affect almost 40% of all jobs worldwide.

IMF Director General Kristalina Georgieva said characteristically that “In most scenarios, artificial intelligence will probably aggravate overall inequality. “

The Governor of the Bank of England, Andrew Baileytold the BBC last year that artificial intelligence will not be one ‘Massive job destroyer’ And that workers will learn to work with new technologies. He noted that while there are risks with artificial intelligence, “There are great potential with it.”