Standard Chartered plans to cut thousands of back-office jobs over the next four years. The bank is thereby joining the ranks of global institutions seeking to reduce headcount through the use of artificial intelligence.
Bill Winters (Image: Standard Chartered)
Tuesday, 19 May 2026 09:50
The London-based bank said on Tuesday that it intends to reduce jobs in corporate functions by more than 15 percent by 2030 and expand the practical use of AI to make processes more efficient. At the end of last year, the bank employed 52,271 staff in back-office functions.
«This is not about cost-cutting; in some cases, we are replacing lower-value human capital with financial and investment capital that we are deploying,» CEO Bill Winters said at a press conference in Hong Kong, according to Bloomberg. He added that affected employees would be informed early and transparently.
