Standard Chartered to cut more than 7,000 jobs as it steps up AI use

Key points

• Standard Chartered plans to cut more than 7,000 jobs over the next four years as it increasingly uses artificial intelligence.
• The London-headquartered lender is one of the first major global banks to lay out plans to cut thousands of jobs, citing AI as a driver to make its operations slimmer as it seeks to increase its profitability and tackle competition.
• StanChart said on Tuesday it would cut 15% of its back-office roles by 2030, which would result in about 7,800 redundancies out of its more than 52,000 staff in such roles.
• The lender has a total global workforce of nearly 82,000 and its chief executive, Bill Winters, said the reduction will be driven by automation and adoption of artificial intelligence as some staff reskill.
• The most affected roles will be with the bank’s back-office centres, including those in Chennai, Bengaluru, Kuala Lumpur and Warsaw, according to Winters.