London-based banking giant to cut thousands of jobs by 2030

• Standard Chartered, the London-based banking giant, plans to cut approximately 7,800 jobs by 2030.
• These job reductions, affecting more than 15 per cent of its back-office roles, are a result of the bank's increased adoption of artificial intelligence and automation.
• While the company did not specify the locations impacted, it also operates corporate offices in Bengaluru, Shenzhen, and Warsaw.
• The cuts are part of a new strategy led by CEO Bill Winters, aimed at improving profitability and operational efficiency across the lender, which has significant operations in Asia.
• Standard Chartered expects these changes to boost its return on tangible equity (RoTE) to over 15 per cent by 2028 and increase income per employee by around 20 per cent.

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Standard Chartered to cut around 7,800 jobs as AI use increases