Standard Chartered plans to eliminate more than 7,000 jobs over the next four years as the lender accelerates the use of artificial intelligence and automation to improve efficiency and boost profitability.
According to a Reuters report, the London-headquartered bank aims to reduce nearly 15% of roles in its corporate functions by 2030. Based on Reuters calculations, the restructuring could impact more than 7,000 employees from a workforce of over 52,000 in those functions. The bank employs around 82,000 people globally.
Chief Executive Officer Bill Winters said the move is part of a broader technology-led transformation and not merely a cost-cutting exercise. "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 while speaking to reporters.
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The bank said automation and wider adoption of AI tools would drive most of the workforce reduction. At the same time, some employees may be retrained and shifted into new roles as part of the transition. "So, the people that want to reskill, that want to carry on, we're giving every opportunity to reposition," Winters added.
The lender said back-office centres in cities such as Chennai, Bengaluru, Kuala Lumpur and Warsaw are expected to see the biggest impact.
The announcement comes amid a broader shift across the global banking industry, with financial institutions increasingly turning to AI and automation to manage costs and improve operational efficiency. Reuters noted that Mizuho Financial Group had earlier announced plans to cut up to 5,000 jobs over the next decade through automation initiatives.
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Standard Chartered also raised its long-term profitability outlook, saying it expects return on tangible equity to exceed 15% by 2028 and rise to around 18% by 2030.
The bank said it will continue to focus on higher-margin businesses, including affluent retail banking and wealth management, despite ongoing geopolitical and macroeconomic uncertainties.
“We are extremely resilient,” Winters said when asked about global market and geopolitical risks.
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