DBS, OCBC, UOB shed nearly 3,000 jobs in 2025 amid restructuring, productivity push
Combined, the three lenders employed 104,266 people at end-2025, down 2.6% from the year before
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[SINGAPORE] The combined workforce of Singapore’s three local banks – DBS , OCBC and UOB – shrank by nearly 3,000 roles in 2025, mirroring broader trends across the global banking sector amid restructuring and productivity efforts.
The three lenders employed 104,266 people at end-2025, down 2.6 per cent – or 2,806 employees – from 107,072 at end-2024, based on Bloomberg data and the banks’ annual reports.
DBS accounted for about three-fifths of the total decline. Its workforce fell 3.9 per cent, or 1,624 employees, to 39,721 at end-2025.
OCBC posted a fall of 1 per cent, or 333 employees, with staff strength at 33,323 at end-2025, from 33,656 a year earlier.
UOB recorded a 2.6 per cent decrease, or 849 employees, to 31,222 at end-2025, from 32,071 the year before.
For DBS, the reduction was “mainly due to post-integration synergies in India and Taiwan” as well as natural attrition and non-renewal of contracts, a spokesperson told The Business Times.
In 2023, DBS completed its acquisition of Citigroup’s consumer banking business in Taiwan, while its India subsidiary merged with Lakshmi Vilas Bank in 2020.
“Aside from this, our employee headcount both in Singapore and overseas has remained relatively stable,” the DBS spokesperson said. In 2025, 45 per cent of its job vacancies were filled by internal candidates.
OCBC said that hiring aligned with identified growth areas, with recruitment carried out when needed.
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“With new technologies increasingly transforming the workplace, roles would naturally evolve and change,” said Ernest Phang, OCBC’s head of talent acquisition, total rewards, risk and compliance in group human resources.
UOB’s head of group human resources Dean Tong said the lender’s change in headcount “primarily reflected natural workforce movements over the course of the year”.
This is as UOB took a “disciplined approach” to workforce management amid a “more uncertain global environment”, Tong said. The approach included a “continued focus on productivity” and prioritising critical roles, while being “measured” about overall headcount growth.
AI and productivity gains
The three banks did not say whether the reductions affected temporary or permanent staff more, nor did they attribute the lower headcount directly to productivity gains from artificial intelligence.
However, analysts have warned of AI replacing human workers at global lenders, with one Bloomberg Intelligence report in 2025 saying banks worldwide could cut as many as 200,000 positions over the next three to five years.
In February 2025, DBS announced that it would reduce 4,000 contract and temporary staff headcount over the next three years through natural attrition as AI increasingly takes on roles performed by humans. Permanent staff were not affected.
“We are investing significantly in empowering our workforce with best-in-class AI tools as well as structured upskilling and reskilling,” the DBS spokesperson said. “Our aim is to equip every employee with the skills and confidence to work alongside AI and take charge of their growth.”
At OCBC, Phang said that about three in five employees have taken part in at least one AI, digital or data-related training programme as part of upskilling efforts.
For UOB, Tong said that employees are encouraged to leverage AI in their roles, and adoption of the technology has enabled teams to work more efficiently and support the business effectively.
Global peers also trim staff
The reduction of headcount at Singapore banks comes amid uneven workforce trends across the global banking sector.
Bloomberg data showed that Wells Fargo posted a 5.7 per cent decline in staff strength to 205,198, while Bank of America edged 0.1 per cent lower to 213,000.
By contrast, JPMorgan Chase grew its employee count by 0.4 per cent to 318,512, while Morgan Stanley’s rose 3.1 per cent to 82,992 and Goldman Sachs’ increased 1.9 per cent to 47,400.
Outside Wall Street, HSBC posted a 1.2 per cent fall in staff strength to 208,720, while Standard Chartered recorded a 1 per cent rise in headcount to 81,892.
Kathy Chan, equity analyst at Morningstar, said the Singapore banks’ job cuts are likely to generate cost savings in 2026.
Some of these savings, however, could be offset by the hiring of more expensive, higher-skilled AI talent. Banks are also likely to step up investment in technology and AI, she noted.
“However, we do expect to see improving cost-to-income ratios over the longer term as technology enables cost savings as well as revenue growth,” she added.
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