DBS Bank to Cut 4,000 Contract Jobs in Major AI Transformation
Singapore's largest bank DBS plans to eliminate 4,000 temporary positions while creating 1,000 new AI-focused roles over three years. The strategic shift reflects DBS's decade-long AI development journey, with projected economic benefits exceeding $745 million by 2025.
Bipartisan Bill Proposes Historic 10% Cap on Credit Card Interest Rates
Senators Josh Hawley and Bernie Sanders introduce groundbreaking legislation to limit credit card interest rates to 10% for five years, aiming to provide relief for Americans struggling with over $1.1 trillion in credit card debt. Banking industry groups strongly oppose the measure, warning of reduced access to credit and potential shifts toward riskier lending options.
Local Banking Revival: A Key to Economic Growth and Community Development in the UK
Drawing inspiration from 'It's a Wonderful Life', experts advocate for returning to localized banking to boost the UK economy. Countries with robust local banking systems like Germany consistently outperform those with concentrated sectors, suggesting a path forward for job creation and regional development.