Standard Chartered to cut more than 7,000 jobs as it steps up AI use
Summary
Standard Chartered plans to cut over 7,000 jobs by 2030, mainly in back-office roles, due to increased use of artificial intelligence (AI). The bank aims to become more efficient and profitable by replacing some human jobs with technology and investment.Key Facts
- Standard Chartered will reduce about 15% of its back-office staff, which equals around 7,800 job cuts out of 52,000 back-office roles.
- The bank has nearly 82,000 employees worldwide.
- Job cuts will mainly affect offices in Chennai, Bengaluru, Kuala Lumpur, and Warsaw.
- CEO Bill Winters said cuts are driven by AI and automation, allowing some staff to learn new skills.
- The move is part of a strategy to improve profitability and focus on better returns for shareholders.
- Standard Chartered has been transforming for the past decade to become a stronger and more stable bank.
- The bank set aside $190 million due to risks from the conflict in the Middle East, which could affect its markets.
- Standard Chartered focuses on business in the Asia-Pacific and Africa regions.
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