StanChart raises return target to 18% in 2030, shares up 2.5% in Hong Kong
A Standard Chartered logo at its headquarters is seen through a window with raindrops, in Hong Kong, China, on Aug 4, 2016. (Photo: Reuters)
HONG KONG — Standard Chartered plans to cut more than 7,000 jobs over the next four years as it boosts adoption of artificial intelligence (AI) while targeting growth.The London-headquartered lender is one of the first major global banks to lay out official plans to cut thousands of jobs, citing AI as a driver to make its operations slimmer as it seeks to increase its profitability and tackle competition.
StanChart said on Tuesday it would cut 15% of its corporate function roles by 2030, which, according to a Reuters calculation, would result in more than 7,000 redundancies out of its more than 52,000 staff in such roles.
The lender has a total global staff of nearly 82,000 and CEO Bill Winters told reporters the reduction will be driven by automation and adoption of artificial intelligence as some staff reskill.
