KUALA LUMPUR - The growing use of artificial intelligence (AI) in Singapore has sparked renewed debate over job security following recent lay-offs announced by Meta and Standard Chartered.
The developments have raised concerns over whether Singapore’s efforts to retrain workers can keep pace with the rapid adoption of AI and automation by companies.
Meta employees in Singapore reportedly received notices on morning May 21 informing them that their jobs had been cut as part of about 8,000 global lay-offs linked to restructuring and AI investment plans.
Meanwhile, Standard Chartered announced on May 20 that it plans to reduce 15% of its corporate function roles globally by 2030 through automation and AI adoption.
The bank, which employs nearly 82,000 workers worldwide, said some affected staff would undergo reskilling programmes.
Standard Chartered chief executive Bill Winters said the restructuring was aimed at increasing efficiency rather than simply reducing costs.
“It is not cost-cutting. It is replacing in some cases lower-value human capital with the financial capital and the investment capital we’re putting in,” he said.
The bank did not disclose how many positions in Singapore would be affected, although its Singapore operations currently employ around 9,000 workers.
Standard Chartered told local media that it still plans to expand hiring for relationship managers in Singapore and ASEAN while improving digital services and launching new client centres.
Former Singapore president Halimah Yacob criticised the use of the term “lower-value human capital” to describe workers affected by the restructuring.
“Workers are human beings with families, not just a form of capital. They too have contributed to the bank and now because of AI have become redundant. It’s demeaning to describe them as ‘lower-value human capital’,” she said.
Following public criticism, Winters later issued a memo to employees clarifying the bank’s position on its workforce.
“I know this may be unsettling when reduced to simple headlines or a quote out of context,” he said.
He added that despite ongoing investment in automation and technology, employees remain central to the company’s operations.
“I want to be absolutely clear that the future of Standard Chartered depends on the talent, judgment, relationships, and commitment of you, our colleagues.”
Chua Hak Bin, an economist at Maybank, said AI and automation are increasingly affecting jobs in the technology and financial sectors, although some reductions may also be linked to overhiring in previous years.
He added that it remains unclear whether AI will significantly shrink Singapore’s labour market overall, noting that employment growth has slowed but is not yet declining.
