Standard Chartered has announced plans to shed thousands of positions as part of a sweeping global strategy to expand its use of artificial intelligence (AI).
The UK‑headquartered bank said more than 15 per cent of its back‑office workforce, about 7,800 roles, will be eliminated by 2030.
The lender, which has major operations in India, China, Malaysia and Poland, did not specify where the cuts would fall. Some affected employees may be redeployed into other functions within the business, BBC reports.
Bill Winters, Group Chief Executive, said the move reflects the bank’s push to “scale practical uses of automation, advanced analytics and artificial intelligence to streamline processes, improve decision making and enhance both client service and internal efficiency.”
The announcement also outlined measures aimed at boosting profitability.
Standard Chartered joins a growing list of financial institutions and technology firms reducing headcount as AI tools increasingly replace human tasks. In February, Singapore’s DBS Bank said it would cut about 4,000 contract and temporary roles over three years.
Tech companies have also announced sweeping layoffs tied to AI investment. Meta, the parent of Facebook, told staff in April it would cut 10 per cent of its workforce — roughly 8,000 jobs — while freezing thousands of open positions.
Amazon disclosed in January that it would lay off more than 30,000 workers, and Oracle confirmed cuts exceeding 10,000.
Analysts warn that AI‑related job losses will hit technology workers and new graduates particularly hard, as firms redirect spending toward building infrastructure and tools for artificial intelligence.
