Standard Chartered boss says AI to replace 7,000 ‘lower value human’ jobs Proactive uses images sourced from Shutterstock
Standard Chartered PLC (LSE:STAN) has become one of the first global banks to openly tie large-scale job cuts to the rise of artificial intelligence, with chief executive Bill Winters saying automation would replace “lower-value human capital” across the business.
The Asia-focused lender said it plans to cut more than 15% of roles in corporate functions by 2030 as it pushes ahead with AI adoption and wider automation efforts. Based on current staffing levels, that equates to more than 7,000 jobs.
The cuts form part of a broader strategy overhaul unveiled on Tuesday alongside new profitability targets.
FTSE 100-listed Standard Chartered said it aims to lift return on tangible equity to about 18% by 2030, up from 12% in 2025, while lowering its cost-to-income ratio to about 57%.
Winters told reporters the changes were “not cost-cutting” but part of a shift towards investing in technology and productivity.
“It’s replacing in some cases lower-value human capital with the financial capital and the investment capital we’re putting in,” he said, per Reuters.
The bank said AI and advanced analytics would be used to streamline processes, improve decision-making and increase efficiency.
The biggest impact is expected to fall on back-office operations in centres including Chennai, Bangalore, Kuala Lumpur and Warsaw, Reuters reported.
Standard Chartered, which employs about 82,000 staff globally, said it would continue investing heavily in wealth management and cross-border banking as it targets faster long-term growth.