DBS Bank, one of the largest banks in Singapore, announced today (Tuesday) that about 4,000 of its employees will lose their jobs - because the tasks they have been entrusted with so far will now be performed by artificial intelligence.
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According to a report by Alex Nirenburg in 'Kan News', the bank's announcement stated that the process of separating employees will last about three years.
The bank refused to say which roles will be performed by artificial intelligence from now on.
In total, the Singapore bank employs about 41,000 employees, so the number of employees who are expected to lose their jobs due to technological developments is at least 101% of them.
It can be assumed that with technological development, the number of layoffs will increase.
According to the International Monetary Fund, artificial intelligence is expected to affect approximately 40% of all jobs in the world.
However, the governor of the Bank of England, Andrew Bailey, believes otherwise: he estimated that the use of artificial intelligence will not lead to mass layoffs. According to him, what is expected to happen is that "human workers will learn to integrate artificial intelligence as part of the work process."
He acknowledged that "there are dangers in the process," but added that "artificial intelligence has tremendous potential."
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