Standard Chartered to cut thousands of roles as AI use increases
Summary
Standard Chartered, a large UK bank, plans to cut about 7,800 back-office jobs by 2030 because it will use more artificial intelligence (AI) in its work. The bank hopes to move some workers to other roles and aims to improve profit by using AI and automation.Key Facts
- Standard Chartered will cut over 15% of its back-office jobs, around 7,800 positions, by 2030.
- The bank will increase use of AI, automation, and data analysis to improve efficiency and client service.
- Some affected employees may be reassigned to other roles within the company.
- The bank has major operations in India, China, Malaysia, and Poland but did not specify where cuts will happen.
- This job cut is part of CEO Bill Winters’ new global strategy focusing on Asia and Africa.
- Other banks and big tech companies like DBS, Meta, Amazon, and Oracle have also announced large job cuts due to AI adoption.
- Meta plans to cut about 10% of its staff, roughly 8,000 jobs, while Amazon and Oracle have laid off tens of thousands.
- AI adoption is driving companies to reduce human roles, especially in tech and back-office functions.
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