Standard Chartered to cut 7,800 jobs as AI adoption expands

Standard Chartered has announced plans to reduce more than 15 percent of its back-office workforce, amounting to about 7,800 jobs, by 2030 as the bank expands its use of artificial intelligence (AI).

The UK-headquartered banking group indicated that some employees affected by the restructuring could be reassigned to other positions within the company.

The bank did not specify which countries or offices would be impacted, although it maintains significant back-office operations in India, China, Malaysia, and Poland.

In a statement, the company said it is increasing the use of automation, advanced analytics, and AI technologies to simplify operations, improve decision-making, and boost efficiency in both customer service and internal processes.

The workforce reduction forms part of Chief Executive Bill Winters’ broader strategy aimed at strengthening the bank’s operations across Asia and Africa while improving profitability.

Standard Chartered joins a growing number of global firms reducing staff numbers as AI increasingly takes over tasks traditionally handled by humans.

Earlier this year, DBS Bank, Singapore’s largest lender, announced plans to eliminate around 4,000 temporary and contract roles over the next three years due to advances in AI.

The technology sector has also experienced significant AI-related layoffs, particularly affecting tech workers and recent graduates.

In April, Meta, the parent company of Facebook, revealed plans to cut about 10 percent of its workforce, roughly 8,000 jobs, while increasing investment in AI development. The company also said it would leave thousands of vacancies unfilled.

Meanwhile, Amazon announced in January that it would lay off more than 30,000 employees, while Oracle reduced its workforce by more than 10,000 workers.

Source: BBC