Standard Chartered layoffs will affect more than 7,000 roles by 2030, with automation and artificial intelligence (AI) expected to reshape parts of its corporate functions.
The London-headquartered bank will reduce more than 15% of corporate function roles by 2030, Reuters reported, as it set out a new strategy for investors.
CEO Bill Winters told reporters that the bank expects technology to drive the reduction, while some affected employees will be retrained for other roles.
He presented the move as a reallocation of capital towards technology and investment, rather than a conventional cost-reduction programme.
Standard Chartered also raised its profitability targets, with return on tangible equity expected to exceed 15% in 2028 and reach about 18% from 2030.
The bank’s return on tangible equity stood at 11.9% in 2025. It had already met its 2026 medium-term financial targets a year ahead of schedule.
The lender is prioritising businesses with stronger margins, including affluent retail clients and financial institutions within its Corporate and Investment Banking division.
In the first quarter, Standard Chartered reported record wealth income and new client money.
The bank also recorded US$190 million in precautionary management overlays related to the Middle East conflict.
Featured image: Edited by Fintech News Singapore, based on image by Standard Chartered
