Standard Chartered Plans to Cut 7,800 Corporate Jobs by 2030

Standard Chartered announced Tuesday that it will cut more than 7,800 corporate roles, or about 15 percent of its corporate workforce, by 2030 as part of a broader efficiency drive. The London-headquartered bank said the reductions will be achieved through greater use of automation, advanced analytics, and artificial intelligence.

The bank raised its profitability targets, aiming for a 15 percent return on tangible equity by 2028 and roughly 18 percent by 2030. It also set a goal to raise income per employee by about 20 percent by 2028.

Winters said the bank is investing in capabilities that will compound competitive advantages and drive sustainable growth. "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," Winters stated in the release.

" — Bill Winters, CEO, earnings call The bank said the substitution of workers with machines will accelerate as it moves further into artificial intelligence.

The announcement comes as technology companies prepare further workforce reductions, with Meta expected to announce cuts on Wednesday. fyi reported that 73,212 employees have lost jobs in the tech sector so far this year.