Standard Chartered plans to cut more than 7,000 jobs over the next four years as the bank accelerates the use of artificial intelligence (AI) and automation across its operations.
The London-headquartered lender said it aims to reduce 15% of its corporate function roles by 2030, affecting over 7,000 positions based on its current workforce. The bank currently employs nearly 82,000 people globally.
Chief executive officer Bill Winters said the move is part of the bank’s long-term transformation strategy, focusing on automation and AI-driven efficiencies rather than traditional cost-cutting measures.
“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.
The affected roles are expected to mainly involve back-office operations in locations including Chennai, Bangalore, Kuala Lumpur and Warsaw.
Standard Chartered said AI will play a major role in streamlining processes, modernising core banking systems and improving operational efficiency as the bank faces increasing competition and evolving industry demands.
Alongside the restructuring plans, the bank also announced higher shareholder return targets, aiming for a return on tangible equity (ROTE) of over 15% by 2028 and around 18% by 2030.
The lender continues to focus on higher-margin businesses, particularly affluent retail banking and financial institution clients within its corporate and investment banking division.
Despite global geopolitical uncertainties and market risks, Winters said the bank remains confident in its growth strategy and financial resilience.
The announcement comes as more global companies increasingly adopt AI technologies to improve productivity and reduce operational costs.
