Standard Chartered to cut 7,000+ jobs by 2030 as it adopts AI

Standard Chartered will remove more than 7,000 positions by 2030, equal to over 15% of its corporate function roles, the bank said in a strategy update to investors. The changes affect a workforce of about 80,000 and will be phased in through the end of the decade. The bank is headquartered in the U.K. and earns most of its revenue in Asia, Africa and the Middle East.

The restructuring is part of a plan to increase the practical use of artificial intelligence, automation and advanced analytics across corporate functions. Management said the plan will free capital for technology and analytics investments and support higher profitability targets over the medium term.

Chief Executive Bill Winters spoke to reporters about the programme and framed it as a reallocation of resources: “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.” He added the bank expects job roles to change as routine tasks move to machines.

Standard Chartered raised its return on tangible equity target to above 15% in 2028 and set a longer-term goal of about 18% by 2030. The bank said those targets reflect both the expected productivity gains from automation and continued investment in client-facing services and internal systems.

The update said some employees affected by the reductions will be offered alternative roles within the firm, but it did not name which countries or offices would see the largest cuts. The bank outlined incremental headcount and operating-model changes that will take place through 2030.

Several large companies across sectors have also announced significant staff reductions this year. For example, Amazon disclosed plans to cut roughly 16,000 roles in January, and Meta announced cuts of about 8,000 positions. Other specialist firms have reduced staff while shifting resources to AI and institutional services.

Standard Chartered said the restructuring and profitability targets will be implemented over the remainder of the decade, with capital reallocated into automation, analytics and AI programs intended to streamline processes and support decision-making.