Standard Chartered to Cut Support Staff by 15% by 2030 as AI Adoption Expands

Standard Chartered plans to reduce its support staff by more than 15% by 2030.

Reuters Yonhap News

On May 19, local time, Standard Chartered announced that it would leverage artificial intelligence (AI) to streamline work processes and cut more than 15% of headquarters and management roles by 2030. As of the end of last year, Standard Chartered had 52,271 back-office employees. Based on this figure, the reduction could amount to approximately 7,800 people.

CEO Bill Winters stated at a press conference held in Hong Kong, "There will be no layoffs, but job roles are being reduced as machines take over certain tasks," adding, "The pace of this trend will accelerate as AI adoption expands."

Standard Chartered aims to improve its return on tangible equity (ROTE) by 3 percentage points, targeting over 15% by 2028 and around 18% by 2030. The bank also plans to improve its cost-to-income ratio from 63% in 2025 to 57% in 2028.

Through these workforce and role reductions, Standard Chartered expects to boost productivity and increase revenue per employee by approximately 20% by 2028.

According to Bloomberg, Standard Chartered is joining the global financial industry's push for greater technological efficiency. HSBC Holdings is considering large-scale job cuts over the coming years, and Wall Street financial institutions are also pursuing similar transformations.

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