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Standard Chartered to Reduce 7,500 Support Roles by 2030
Standard Chartered plans to cut about 7,500 support positions by 2030 while expanding its use of artificial intelligence. The bank said the reductions are part of a shift toward greater investment in technology.
May 19, 3:23 PM·1m read1 source
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Standard Chartered announced plans to cut approximately 7,500 support roles by 2030 as it increases its use of artificial intelligence. The bank described the move as a replacement of certain lower-value positions rather than a cost-cutting measure. It said the reductions will occur alongside new spending on technology and financial capital.
CEO Statement "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 [to AI]," CEO Bill Winters said. The bank did not specify which support functions would be affected or how many roles would be eliminated each year. It also did not provide details on the total amount it plans to invest in AI systems.
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