{"id":44820,"date":"2026-05-21T23:15:47","date_gmt":"2026-05-21T23:15:47","guid":{"rendered":"https:\/\/www.europesays.com\/britain\/44820\/"},"modified":"2026-05-21T23:15:47","modified_gmt":"2026-05-21T23:15:47","slug":"standard-chartered-blames-ai-as-it-cuts-thousands-of-jobs","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/britain\/44820\/","title":{"rendered":"Standard Chartered blames AI as it cuts thousands of jobs"},"content":{"rendered":"

\"Standard Shares in Standard Chartered rose in the wake of the announcement – John Keeble\/Getty Images <\/p>\n

Standard Chartered is planning to cut thousands of jobs as artificial intelligence agents<\/a> increasingly replace back-office staff in the finance sector.<\/p>\n

The banking giant said overnight that the number of administrative roles at the company would be cut by at least 15pc by 2030, equivalent to nearly 8,000 jobs.<\/p>\n

The company did not provide details on where it intends to cut the roles but it has significant back-office operations across India, China, Malaysia and Poland.<\/p>\n

The bank employs around 82,000 people with roughly 52,000 in administrative roles. Some of those affected are set to be relocated to other parts of the business.<\/p>\n

Bill Winters, the bank\u2019s chief executive, said: \u201cIt\u2019s not cost cutting, it\u2019s replacing in some cases lower-value human capital with the financial capital and the investment capital we\u2019re putting in.<\/p>\n

\u201cWe don\u2019t have job losses but we do have job role reductions in favour of the machines and that will accelerate as we go forward into AI.\u201d<\/p>\n

Shares in Standard Chartered rose by as much as 2.5pc in the wake of the announcement.<\/p>\n

Standard Chartered is the latest bank to announce significant job cuts<\/a> as AI technology advances.<\/p>\n

HSBC is also preparing to cut around 20,000 roles, the equivalent of around 10pc of its total workforce.<\/p>\n

John Waldron, the president and chief operating officer of Goldman Sachs, recently described his bank\u2019s back-office and administrative roles as a \u201chuman assembly line\u201d ripe for automation.<\/p>\n

Morgan Stanley has predicted that more than 200,000 European banking jobs are under threat from AI over the next five years.<\/p>\n

AI is already having a significant effect on the broader jobs market.<\/p>\n

The Institute for Fiscal Studies, a think tank, said recently that AI was part of the reason that just half of 16 to 24-year-olds in the UK<\/a> were in payrolled work at the end of last year.<\/p>\n

Dario Amodei, the chief executive of Anthropic, has warned that AI could eliminate up to half of entry-level white-collar jobs across fields such as law, finance and consulting, and lead to US unemployment rates rising to 20pc within the next few years.<\/p>\n

The move by Standard Chartered is part of a fresh strategy by Mr Winters to improve profitability. The bank is seeking to raise its so-called income per employee by a fifth by 2028.<\/p>\n

\u201cWe are investing in the capabilities that will compound our competitive advantages and drive sustainable growth and higher quality returns over time,\u201d Mr Winters said.<\/p>\n

In April, Standard Chartered said it set aside $190m (\u00a3142m) to hedge against the potential risks from the war in Iran but it maintained its guidance for the year.<\/p>\n","protected":false},"excerpt":{"rendered":"Shares in Standard Chartered rose in the wake of the announcement – John Keeble\/Getty Images Standard Chartered is…\n","protected":false},"author":2,"featured_media":44821,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[21387],"tags":[22735,2096,21807,20691,22736,21561,20677],"class_list":["post-44820","post","type-post","status-publish","format-standard","has-post-thumbnail","category-standard-chartered","tag-administrative-roles","tag-artificial-intelligence","tag-banking-jobs","tag-bill-winters","tag-finance-sector","tag-human-capital","tag-standard-chartered"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116615113946098020","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/44820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=44820"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/44820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/44821"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=44820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=44820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=44820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}