&imwidth=800&imheight=600&format=webp&quality=medium "Standard Chartered plans to cut over 7,000 jobs in AI push, will replace ‘lower-value human capital’")
Standard Chartered is aiming to slash more than 7,000 jobs over the next four years amid an AI push as it seeks to replace “lower-value human capital” with technology and will become one of the top names in finance going for headcount cuts by adopting artificial intelligence. The bank, on Tuesday, cited AI as a driver to make its operations slimmer in its goal to increase profitability and tackle competition.
The plan is to cut thousands of support jobs as global banks are increasingly moving towards artificial intelligence use to reduce workforce costs. The lender said it aims to reduce corporate function roles by more than 15% by 2030 while expanding the use of AI to improve operational efficiency.
The London-headquartered bank had 52,271 employees in back-office functions at the end of last year.
As per reports, HSBC Holdings Plc and some Wall Street firms are also mulling deep job cuts over the coming years. Goldman Sachs Group Inc. President and Chief Operating Officer John Waldron recently described his firm’s traditional operations as a “human assembly line” ripe for automation.
Standard Chartered shares rise 2.4% in Horn Kong
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Standard Chartered shares rose as much as 2.4% in morning trading in Hong Kong. The announcement came as the lender kicked off an investor and analyst hub in Hong Kong on Tuesday.
Alongside the AI-driven restructuring and a recent reshuffle of senior management, Standard Chartered is aiming for a 3 percentage point improvement in its return on tangible equity, targeting more than 15% in 2028 and about 18% in 2030.
The bank also expects to improve its cost-to-income ratio to 57% in 2028.
The job cuts would drive productivity improvements to raise income per employee by about 20% by 2028, according to the bank.
Corporate function roles are support roles and include positions such as risk management and regulatory compliance, according to its website.
‘Not cost-cutting, it’s replacing lower-value human capital
“It’s not cost-cutting. It’s replacing, in some cases, lower-value human capital with the financial capital and the investment capital we’re putting in,” CEO Bill Winters told reporters on Tuesday.
Winters said the reduction will be driven by automation and adoption of artificial intelligence as some staff retrain.
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“So, the people that want to reskill, that want to carry on, we’re giving every opportunity to reposition,” Winters said, referring to the retraining option given to impacted staff.
Japanese lender Mizuho in March unveiled up to 5,000 job cuts over a decade. And banks globally are scrambling to integrate frontier AI models and fend off rising cyber threats.
