The bank targets a 15% workforce reduction, replacing roles with AI to boost income per employee by 20% by 2028.
Standard Chartered will cut more than 15% of its workforce, or over 7,800 roles, by 2030 as it accelerates AI adoption. The reductions will impact corporate and support functions, including risk management and compliance, across global hubs like Bengaluru and Warsaw.
At the end of 2023, the bank employed 52,271 staff in back-office roles. The move is part of a broader restructuring to lift return on equity to 15% by 2028 and 18% by 2030, up from 11.9% in 2025. CEO Bill Winters emphasized the shift as a replacement of lower-value roles with AI investments.
The bank also aims to increase income per employee by 20% by 2028, focusing on wealth and cross-border business growth. Affected employees will receive reskilling support or transition packages.