Standard Chartered to cut over 7,000 jobs as bank turns to AI-driven restructuring

The London-headquartered lender said the changes are aimed at improving efficiency and profitability, with AI described as a key driver in reducing what it called “lower-value human capital,” News.Az reports, citing Reuters.

The bank said it plans to cut around 15% of its corporate function roles by 2030, a move that, based on company figures, would affect more than 7,000 positions out of over 52,000 staff in those roles. 

Chief Executive Bill Winters said the strategy is not focused on simple cost-cutting but on replacing certain roles with investment in technology, adding that staff would be given opportunities to retrain and reskill where possible. He said automation and AI adoption would play a central role in reshaping the workforce, particularly in back-office operations across several global hubs.

The most affected roles are expected to be in back-office centres, including locations such as Chennai, Bengaluru, Kuala Lumpur and Warsaw. The bank said it is aiming to make its operations more efficient while increasing returns, with a target of more than 15% return on tangible equity by 2028, rising further by 2030.

Standard Chartered also said it is focusing on higher-margin businesses such as affluent retail clients and corporate and investment banking, while continuing efforts to grow its wealth business. The bank added that it remains confident in its long-term strategy despite geopolitical and market uncertainty, including risks linked to global conflicts and energy prices.

The announcement comes as the banking sector increasingly adopts artificial intelligence to improve efficiency and reduce costs, with other global lenders also exploring large-scale job reductions linked to automation.