Standard Chartered plans to eliminate about 7,800 jobs by 2030 as it expands the use of artificial intelligence, AI, across its corporate functions.
The London-based bank said the cuts represented 15% of roles in its corporate and back-office operations.
The restructuring will affect roughly 10% of its nearly 82,000 employees worldwide and will be phased in over the next four years.
Chief Executive Bill Winters said the move was a long-term technology investment rather than a cost-cutting exercise.
“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,” Winters told reporters at an investor event in Hong Kong on 19 May 2026.
The bank said the largest impact was likely in back-office centres in Chennai, Bengaluru, Kuala Lumpur and Warsaw.
Human resources, risk and compliance functions are first in line for automation.
Standard Chartered said staff who wanted to reskill and move into other roles would be given the opportunity to do so.
“So, the people that want to reskill, that want to carry on, we’re giving every opportunity to reposition,” Winters added.
The announcement comes as banks globally accelerate AI adoption to streamline operations and improve productivity.
Standard Chartered said it expected the changes to help raise income per employee by about 20% by 2028 and lift return on tangible equity above 15%.
The plan has added to broader debate over AI’s impact on employment.
Critics argue that rapid adoption could displace large numbers of workers, while supporters point to new roles created by the technology shift.
The story was first reported by Reuters and confirmed in a memo to staff reviewed by the news agency.
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