Standard Chartered to cut around 7,800 jobs amid AI push
Standard Chartered to cut around 7,800 jobs amid AI push
London-based lender trims thousands of roles as AI adoption rises, with redeployment options for staff and a push for higher returns by 2028.
Standard Chartered, the London-based lender, announced it will cut around 7,800 jobs as it steps up its use of artificial intelligence to boost efficiency. The bank did not disclose which offices or regions would bear the cuts, but said the plan is part of a broader effort to streamline operations.
The cuts amount to more than 15% of roles in corporate functions. The bank also aims to lift income per employee by more than 20% by 2028 as it pursues stronger returns. Where possible, staff affected by the job reductions will be offered redeployment to other roles within the organization.
The move underscores AI's growing role in the financial sector, as firms shift toward automation and redeployment rather than a straightforward headcount reduction. Analysts say the plan could help boost efficiency and margins, though the immediate impact on workers and communities remains a concern.
With the workforce transformation under way in London and beyond, Standard Chartered says it will continue to balance technology investments with opportunities for internal growth, aiming to deliver sustainable value for shareholders over the long term.
