The huge bank is cutting 15% of its back-office roles by 2030
Standard Chartered is cutting 15% of its back-office roles by 2030 (Image: Getty Images/iStockphoto)
Standard Chartered has revealed plans to cut more than 7,000 jobs over the next four years as it ramps up its use of artificial intelligence (AI). The London-based banking giant said it will cut more than 15% of back-office roles by 2030. It did not reveal the locations affected by the plans, but also runs corporate offices in Bengaluru, Shenzhen and Warsaw.
The move is part of a fresh strategy from boss Bill Winters aimed at improving profitability across the lender. Standard Chartered said it hopes the plan will boost its return on tangible equity (RoTE) – a profit measure used by the bank – to more than 15% by 2028, a three percentage-point increase from 2025.
Pedestrians pass the headquarters of Standard Chartered Plc in London (Image: Bloomberg via Getty Images)
It also aims to bring its cost-to-income ratio lower on the back of its renewed efficiency drive. The banking giant said it hopes changes will drive productivity improvements to help raise income per employee by around 20% by 2028.
It’s understood that Standard Chartered employs around 82,000 people, with most of these in back-office roles.
Mr Winters said the most affected roles will be with the bank’s back-office centres, including those in Chennai, Bengaluru, Kuala Lumpur and Warsaw.
He said: “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.”
The company said: “We are scaling practical uses of automation, advanced analytics and artificial intelligence to streamline processes, improve decision‑making and enhance both client service and internal efficiency.”
The bank will ramp up AI usage. (Image: Getty)
Mr Winters added: “Our strategy is grounded in a simple belief: the world is becoming more connected, more complex and more cross-border.
“Our trusted ability to combine network and product capabilities to solve challenging cross-border problems is difficult to replicate.
“We are investing in the capabilities that will compound our competitive advantages and drive sustainable growth and higher quality returns over time, with clear targets in place.”