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Standard Chartered to cut thousands of roles as AI use increases
The bank said it will also leave thousands of open positions unfilled as it targets higher profitability and a 20% rise in income per employee by 2028.
- On Tuesday, Standard Chartered announced it will cut more than 15% of its corporate functions roles by 2030—around 7,800 positions—as the bank increases its adoption of artificial intelligence.
- This workforce reduction is part of CEO Bill Winters' global strategy to raise income per employee by more than 20% by 2028, aiming for a more streamlined organization.
- Of the lender's roughly 82,000 employees, about 52,000 work in support roles across major back-office operations in India, China, Malaysia, and Poland; some affected staff may be reassigned internally.
- Shares of StanChart rose more than 2% in afternoon trade, with the lender targeting a 15% return on tangible equity by 2028 and about 18% in 2030.
- Jefferies analyst Joseph Dickerson described the new targets as "conservatively struck," noting the bank aims to streamline processes and improve decision-making amid broader AI-driven job cuts across the industry.
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Major British bank to slash 7,800 jobs as bosses admit 'it's replacement, not cost-cutting'
Standard Chartered has announced plans to cut around 7,800 back-office jobs by the end of the decade as the banking giant accelerates its use of artificial intelligence (AI) across global operations
·London, United Kingdom
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The large World Bank Standard Chartered, headquartered in London, plans to eliminate thousands of jobs over the next four years. The institution wants to make greater use of artificial intelligence. ...
·Brussels, Belgium
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How important is your staff to you? If you read the press release from the British bank Standard Chartered about their new strategy, apparently not so…
·Netherlands (Kingdom of the)
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Evening StandardReposted by 
The Independent
The IndependentStandard Chartered to cut around 7,800 jobs amid increased AI use
The London-based company did not reveal the locations affected by the plans.
·London, United Kingdom
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Total News Sources35
Leaning Left5Leaning Right7Center8Last UpdatedBias Distribution40% Center
Bias Distribution
- 40% of the sources are Center
40% Center
L 25%
C 40%
R 35%
Factuality
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