London-headquartered Standard Chartered has announced plans to cut 7,000 back-office jobs globally by 2030, as the bank shifts towards automation and artificial intelligence. The reduction represents nearly 9% of its 80,000-strong workforce. Last year, the bank employed 51,000 people in support services.
AI and automation driving change
Chief Executive Bill Winters stated that the job cuts are not about cost-cutting but about replacing lower-value human capital with financial and investment capital. “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,” he said. The bank expects to deliver a return of more than 15% on tangible equity in 2028, up from 2025 levels, and further increase it to 18% by 2030.
Restructuring pays off
The group, which focuses on Asia and Africa, has been restructuring in recent years. Winters noted that the bank achieved its 2026 medium-term financial targets a year earlier than planned. “We now have a more focused, streamlined and efficient organisation,” he added. The job cuts will primarily affect back-office roles, while the bank expands its key wealth business.
