S'pore banks DBS, OCBC & UOB cut over 2,800 jobs in 2025: BT

Singapore's three local banks, DBS, OCBC and UOB, cut around 2,806 jobs from their combined workforce in 2025.

The Business Times (BT) reported that the banks employed 104,266 people at end-2025, a 2.6 per cent drop from 107,072 at end-2024, based on Bloomberg data and the banks' annual reports.

This mirrors broader trends worldwide as banks conduct restructuring and productivity measures.

According to BT, DBS accounted for around 57.9 per cent of the job cuts among the three banks.

DBS's workforce decreased by 3.9 per cent, or 1,624 employees, to 39,721.

OCBC's headcount dropped by 1 per cent, or 333 employees, to 33,323.

UOB's staff numbers decreased by 2.6 per cent, or 849 employees, to 31,222.

Post-integration & natural attrition

A DBS spokesperson told BT that the reductions were "mainly due to post-integration synergies in India and Taiwan” alongside natural attrition and non-renewal of contracts.

Natural attrition typically occurs when a company does not fill vacant positions when employees retire or resign. 

DBS completed its acquisition of Citigroup's Taiwan consumer banking business in 2023, while its India subsidiary merged with Lakshmi Vilas Bank in 2020.

The DBS spokesperson added: "Aside from this, our employee headcount both in Singapore and overseas has remained relatively stable."

According to BT, in 2025, 45 per cent of DBS's job vacancies were filled by internal candidates.

UOB’s head of group human resources, Dean Tong, told BT that headcount changes "primarily reflected natural workforce movements over the course of the year".

Tong said amid a “more uncertain global environment”, UOB took a “disciplined approach” to workforce management with a “continued focus on productivity” and prioritising critical roles, while being “measured” about overall headcount growth.

New technologies & AI

In February 2025, DBS announced that it would reduce 4,000 contract and temporary staff headcount over the next three years through natural attrition.

According to the BBC, at the time, a DBS spokesperson said, "Over the next three years, we envisage that AI could reduce the need to renew about 4,000 temporary/contract staff across our 19 markets working on specific projects."

The DBS spokesperson told BT that the bank is heavily investing in empowering and upskilling its workforce with AI tools.

OCBC's head of talent acquisition, total rewards, risk and compliance in group human resources, Ernest Phang, told BT, "With new technologies increasingly transforming the workplace, roles would naturally evolve and change".

OCBC noted that hiring aligned with identified growth areas, when needed, recruitment was carried out.

Phang said that three in five OCBC employees have taken part in at least one AI, digital or data-related training programme as part of upskilling efforts.

UOB's Tong added that employees were encouraged to use AI, and its adoption had allowed teams to work more efficiently.

Top photo from Shiva Shankar/Google Maps, Jon Xu/Google Maps & Mothership