Chitchat Wonderful News! 4000 JLB sinkies leeplacsd by AI at DBS!

[Pinkieslut]

DBS CEO sees job cuts of 4,000 temp staff as AI replaces roles​

BloombergMon, Feb 24, 2025 • 04:31 PM GMT+08 • 2 min read

Permanent staff will not be affected, the outgoing CEO said. DBS, based in Singapore, has around 41,000 staff. Photo: Bloomberg

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DBS Group Holdings plans to cut around 4,000 of its contract and temporary staff workforce over the next three years as artificial intelligence increasingly takes on roles carried out by human beings.

Southeast Asia’s largest lender has approximately 8,000 to 9,000 of such staff, according to CEO Piyush Gupta replying to a query from Bloomberg News.

He confirmed a Press Trust of India news agency report, which said the bank will trim its workforce following further adoption of AI across its business.



Permanent staff will not be affected, the outgoing CEO said. DBS, based in Singapore, has around 41,000 staff and Tan Su Shan, currently deputy CEO, will succeed Gupta on March 28.

Global banks will cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, said a Bloomberg Intelligence report last month.

Chief information and technology officers surveyed for BI indicated that on average they expect a net 3% of their workforce to be cut, according to the report.

See also: UOB prices 3-year floating rate bond at tightest range for an Asian bank



Still, many firms have stressed that the shift will result in roles being changed by technology, rather than replaced altogether.

Teresa Heitsenrether, who oversees JPMorgan Chase & Co.’s AI efforts, said in November that the bank’s adoption of generative AI was so far augmenting jobs.

DBS CEO sees job cuts of 4,000 temp staff as AI replaces roles​

BloombergMon, Feb 24, 2025 • 04:31 PM GMT+08 • 2 min read

Permanent staff will not be affected, the outgoing CEO said. DBS, based in Singapore, has around 41,000 staff. Photo: Bloomberg

Follow us on Facebook and join our Telegram channel for the latest updates.
DBS Group Holdings plans to cut around 4,000 of its contract and temporary staff workforce over the next three years as artificial intelligence increasingly takes on roles carried out by human beings.
Southeast Asia’s largest lender has approximately 8,000 to 9,000 of such staff, according to CEO Piyush Gupta replying to a query from Bloomberg News.
He confirmed a Press Trust of India news agency report, which said the bank will trim its workforce following further adoption of AI across its business.
Permanent staff will not be affected, the outgoing CEO said. DBS, based in Singapore, has around 41,000 staff and Tan Su Shan, currently deputy CEO, will succeed Gupta on March 28.
Global banks will cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, said a Bloomberg Intelligence report last month.
Chief information and technology officers surveyed for BI indicated that on average they expect a net 3% of their workforce to be cut, according to the report.
See also: UOB prices 3-year floating rate bond at tightest range for an Asian bank
Still, many firms have stressed that the shift will result in roles being changed by technology, rather than replaced altogether.
Teresa Heitsenrether, who oversees JPMorgan Chase & Co.’s AI efforts, said in November that the bank’s adoption of generative AI was so far augmenting jobs.

 

[A Singaporean]

Yes good paying foreigners will not be affected. Thank you PAP.

 

[Truthspeak]

They embraced AI until got replaced by AI

 

[Pinkieslut]

They embraced AI until got replaced by AI

Their AI likely to be operated by cECa talents.

 

[face the facts]

how convenient.....indian snake CEO retires and all this bad news announced now, just like cheebye loong , retires and the shit will hit the fan this year 2025.....
more good years.....

 

[millim6868]

Mostly will be sinkies, cos permit, sp ,ep cannot do temp job, lol,must be 70% dumb ass

 

[syed putra]

They can try investing in bitcoin. Or Trump dollar

 

[VanDick]

No worries. There are plenty of job vacancies in the cleaning industry. We need more and more cleaners to help clean up the tons of shit that the filthy Cecas happily release into the public.

 

[sbfuncle]

There are 41k Jlb and only 4k jlb cut?. It should be cutting 37k jlb and letting 4k jlb stay on to become non jlb. I guarantee there won't be any difference with whatsoever with the operations and services.

 

[k1976]

HSBC plans new round of investment bank job cuts next week​

The latest phase of cuts will start in Asia, but will ultimately affect employees globally

Published Fri, Feb 14, 2025 · 05:57 PM
HSBC

• 
  
• 
  
• 
  
  
  
• 
  

• Georges Elhedery is reducing costs with a restructuring that has so far included combining the commercial banking division with its global banking and markets unit and pulling out of some underwriting and advisory businesses in Europe and the Americas. PHOTO: HSBC
• Georges Elhedery is reducing costs with a restructuring that has so far included combining the commercial banking division with its global banking and markets unit and pulling out of some underwriting and advisory businesses in Europe and the Americas. PHOTO: HSBC
• Georges Elhedery is reducing costs with a restructuring that has so far included combining the commercial banking division with its global banking and markets unit and pulling out of some underwriting and advisory businesses in Europe and the Americas. PHOTO: HSBC
• Georges Elhedery is reducing costs with a restructuring that has so far included combining the commercial banking division with its global banking and markets unit and pulling out of some underwriting and advisory businesses in Europe and the Americas. PHOTO: HSBC
• Georges Elhedery is reducing costs with a restructuring that has so far included combining the commercial banking division with its global banking and markets unit and pulling out of some underwriting and advisory businesses in Europe and the Americas. PHOTO: HSBC

HSBC Holdings is kicking off a fresh round of job cuts at its investment bank as new chief executive officer Georges Elhedery continues his overhaul of Europe’s biggest lender, according to people familiar with the matter.

The latest phase of cuts will start in Asia, but will ultimately affect employees globally, said the people, who asked not to be identified discussing private matters. It’s not clear how many people will be affected by the moves.

Some cuts are already underway in the firm’s markets division but wider layoffs across the investment bank will begin as early as Monday, the people said. The dismissals will be staggered over several weeks and months, one of the people said. Staff will be let go based on performance as well as to remove duplication of jobs or to simplify operations, the person said.

 

[sbfuncle]

Jack ma said
AI is to create new jobs and not to take away jobs.

 

[Willamshakespear]

Let us ALL spare a thought for those whom are being retrenched - local or foreigner, as they had gave their lives, even as students taking up courses in finance, banking & engineering to get to where they are today.

It will be a painful moment for them, thus

a) May MOM along with DBS conduct job matching or skill upgrading fairs for those about to be retrenched, more so to locals, to help them at the least survive.


b) With the labor cutting exercises, companies WILL BE profiting more, as high labor costs will be over, & thus, may they contribute back to the economy in meaningful ways & NOT the usual token few dollars. & enjoy riches beyond their or their shareholders' imagination which came at the expense of dedicated Humankind to progress & evolve, including even creating AI....

 

[birdie69]

HSBC plans new round of investment bank job cuts next week​

The latest phase of cuts will start in Asia, but will ultimately affect employees globally

Published Fri, Feb 14, 2025 · 05:57 PM
HSBC

• 
  
• 
  
• 
  
  
  
• 
  

• Georges Elhedery is reducing costs with a restructuring that has so far included combining the commercial banking division with its global banking and markets unit and pulling out of some underwriting and advisory businesses in Europe and the Americas. PHOTO: HSBC
• Georges Elhedery is reducing costs with a restructuring that has so far included combining the commercial banking division with its global banking and markets unit and pulling out of some underwriting and advisory businesses in Europe and the Americas. PHOTO: HSBC
• Georges Elhedery is reducing costs with a restructuring that has so far included combining the commercial banking division with its global banking and markets unit and pulling out of some underwriting and advisory businesses in Europe and the Americas. PHOTO: HSBC
• Georges Elhedery is reducing costs with a restructuring that has so far included combining the commercial banking division with its global banking and markets unit and pulling out of some underwriting and advisory businesses in Europe and the Americas. PHOTO: HSBC
• Georges Elhedery is reducing costs with a restructuring that has so far included combining the commercial banking division with its global banking and markets unit and pulling out of some underwriting and advisory businesses in Europe and the Americas. PHOTO: HSBC

HSBC Holdings is kicking off a fresh round of job cuts at its investment bank as new chief executive officer Georges Elhedery continues his overhaul of Europe’s biggest lender, according to people familiar with the matter.

The latest phase of cuts will start in Asia, but will ultimately affect employees globally, said the people, who asked not to be identified discussing private matters. It’s not clear how many people will be affected by the moves.

Some cuts are already underway in the firm’s markets division but wider layoffs across the investment bank will begin as early as Monday, the people said. The dismissals will be staggered over several weeks and months, one of the people said. Staff will be let go based on performance as well as to remove duplication of jobs or to simplify operations, the person said.

Farewell gift given to retard sinkies by this CECA Indians before he was sacked in next month

 

[k1976]

Farewell gift given to retard sinkies by this CECA Indians before he was sacked in next month

Gold parachute for talents
CDC voucher for Hardlanders

Happy soft landing?

 

[congo9]

Let us ALL spare a thought for those whom are being retrenched - local or foreigner, as they had gave their lives, even as students taking up courses in finance, banking & engineering to get to where they are today.

It will be a painful moment for them, thus

a) May MOM along with DBS conduct job matching or skill upgrading fairs for those about to be retrenched, more so to locals, to help them at the least survive.


b) With the labor cutting exercises, companies WILL BE profiting more, as high labor costs will be over, & thus, may they contribute back to the economy in meaningful ways & NOT the usual token few dollars. & enjoy riches beyond their or their shareholders' imagination which came at the expense of dedicated Humankind to progress & evolve, including even creating AI....

Just get some Indian expat back home and we be able to hire more local.

Raise the bar much further for foreigner to comes specially for PMET

 

[k1976]

Singapore prepared to tackle challenges in fast-shifting global landscape: SM Lee​

Senior Minister Lee Hsien Loong said the Government has plans for the coming year and the future, but he added that people need to rally behind it.ST PHOTO: BRIAN TEO
Chin Soo Fang
UPDATED FEB 24, 2025, 02:21 PM


SINGAPORE – The world is in flux, with rapid changes brought about by technology and policy shifts, but Singapore has prepared for this.

Speaking on Feb 22 at an education award ceremony in Teck Ghee, Senior Minister Lee Hsien Loong said the Government has plans for the coming year and the future, but he added that people need to rally behind it.

He said some of the plans were laid out in Prime Minister Lawrence Wong’s Budget speech on Feb 18. They include more immediate needs like support for households to tackle cost pressures, and longer-term plans such as strengthening growth engines and investments in people and infrastructure.

Singapore prepared to tackle challenges in fast-shifting global landscape: SM Lee​

Senior Minister Lee Hsien Loong said the Government has plans for the coming year and the future, but he added that people need to rally behind it.ST PHOTO: BRIAN TEO
Chin Soo Fang
UPDATED FEB 24, 2025, 02:21 PM
SINGAPORE – The world is in flux, with rapid changes brought about by technology and policy shifts, but Singapore has prepared for this.
Speaking on Feb 22 at an education award ceremony in Teck Ghee, Senior Minister Lee Hsien Loong said the Government has plans for the coming year and the future, but he added that people need to rally behind it.
He said some of the plans were laid out in Prime Minister Lawrence Wong’s Budget speech on Feb 18. They include more immediate needs like support for households to tackle cost pressures, and longer-term plans such as strengthening growth engines and investments in people and infrastructure.

 

[searcher1]

With A.I going to replace many office jobs, why are the Govt still encouraging Citizen to have more babies ?
Anyway Singaporean is not going to do hard labour jobs, even if they wanted ... that industry have been swamp by Bangala
Those cushy office jobs are either by AI or CECA/FT ... where are all the normal citizens going to end up with ? Security, PHV ?

 

[k1976]

Hong Kong Banks Are Taking the Fight to Crypto Bros​

StanChart wants to issue a licensed stablecoin, mimicking the city’s currency. US lenders will pay close attention.
25 February 2025 at 4:00 AM SGT
By Andy Mukherjee
Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services in Asia. Previously, he worked for Reuters, the Straits Times and Bloomberg News.

Stablecoins are able to get gentrified.
Photographer: Lam Yik/Bloomberg
Save
Translate

Standard Chartered Plc’s plan to offer a Hong Kong dollar digital clone is the strongest signal yet that stablecoins are about to get gentrified.

These tokens, which convert 1:1 into dollar, euro or other fiat currencies, have emerged as a haven for gangsters, drug traffickers and sanctions evaders to move illicit funds over public blockchains. Entry of regulated financial institutions will hopefully chase away the unseemly squatters.
Before it’s here, it’s on the Bloomberg Terminal

 

[birdie69]

Let us ALL spare a thought for those whom are being retrenched - local or foreigner, as they had gave their lives, even as students taking up courses in finance, banking & engineering to get to where they are today.

It will be a painful moment for them, thus

a) May MOM along with DBS conduct job matching or skill upgrading fairs for those about to be retrenched, more so to locals, to help them at the least survive.


b) With the labor cutting exercises, companies WILL BE profiting more, as high labor costs will be over, & thus, may they contribute back to the economy in meaningful ways & NOT the usual token few dollars. & enjoy riches beyond their or their shareholders' imagination which came at the expense of dedicated Humankind to progress & evolve, including even creating AI....

MOM proposed DBS to send them to India Upton university to upgrade skill, come back to replace all CECA Indians