Bill Winters told investors in Hong Kong that the bank’s HR, risk and compliance functions will shrink by more than 15% over five years, with the headcount efficiency aimed at lifting income-per-employee 20% by 2028.
Standard Chartered will cut more than 15% of its back-office roles by 2030, chief executive Bill Winters told investors at an investor day in Hong Kong on Tuesday.
The reduction works out to roughly 7,800 jobs, on the bank’s own figures, across what Winters described as corporate functions including human resources, risk, and compliance. The bank’s stated aim is to raise income per employee by about 20% by 2028.
The framing the bank’s chief executive chose for the announcement is the part worth reading carefully. ‘
We don’t have job losses, but we do have job role reductions in favour of the machines,’ Winters told the Hong Kong audience, ‘and that will accelerate as we go forward into AI.’
