Standard Chartered will cut more than 15% of corporate function roles by 2030 as the UK-headquartered bank scales up the use of artificial intelligence.<\/p>\n
The bank confirmed the plan in a strategy update to investors alongside fresh profitability targets.<\/p>\n
Banking Giant Standard Chartered to Cut Thousands of Jobs <\/p>\n
The banking giant’s restructuring is set to eliminate over 7,000 positions from its workforce of 80,000 employees. Speaking at a press briefing, chief executive Bill Winters said the headcount reduction will be driven by greater use of AI and automation.<\/p>\n
“It’s not cost-cutting. It’s replacing in some cases lower-value human capital with the financial capital and the investment capital we’re putting in,” Winters said.<\/p>\n
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The bank did not disclose which locations would absorb the cuts. However, some affected staff will move into other roles inside the business, the BBC reported.<\/p>\n
Alongside the job cuts, Standard Chartered lifted its profitability outlook. The bank is now targeting a return on tangible equity (RoTE) above 15% in 2028, more than 3 percentage points above its 2025 level, and aims to push that figure to around 18% by 2030.<\/p>\n
\u201cWe are scaling practical uses of automation, advanced analytics and artificial intelligence to streamline processes, improve decision\u2011making and enhance both client service and internal efficiency,\u201d the bank said.<\/p>\n
Standard Chartered joins a swelling roster of companies trimming headcount in 2026. Amazon announced 16,000 job cuts in January.<\/p>\n
Meta will begin shedding roughly 8,000 roles, about 10% of its workforce, starting Wednesday. Crypto analytics platform Dune also cut a quarter of its staff as part of a pivot toward AI and institutional onchain data. The shakeout now reaches sectors as varied as banking, tech, and online gambling.<\/p>\n
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