Standard Chartered will cut more than 15% of corporate function roles by 2030 as the UK-headquartered bank scales up the use of artificial intelligence.
The bank confirmed the plan in a strategy update to investors alongside fresh profitability targets.
Banking Giant Standard Chartered to Cut Thousands of Jobs
The banking giant’s restructuring is set to eliminate over 7,000 positions from its workforce of 80,000 employees. Speaking at a press briefing, chief executive Bill Winters said the headcount reduction will be driven by greater use of AI and automation.
“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.
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The bank did not disclose which locations would absorb the cuts. However, some affected staff will move into other roles inside the business, the BBC reported.
Alongside the job cuts, Standard Chartered lifted its profitability outlook. The bank is now targeting a return on tangible equity (RoTE) above 15% in 2028, more than 3 percentage points above its 2025 level, and aims to push that figure to around 18% by 2030.
“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 said.
Standard Chartered joins a swelling roster of companies trimming headcount in 2026. Amazon announced 16,000 job cuts in January.
Meta will begin shedding roughly 8,000 roles, about 10% of its workforce, starting Wednesday. Crypto analytics platform Dune also cut a quarter of its staff as part of a pivot toward AI and institutional onchain data. The shakeout now reaches sectors as varied as banking, tech, and online gambling.
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