Standard Chartered To Cut Thousands Of Jobs As AI Adoption Expands
Banking giant Standard Chartered has announced plans to cut thousands of jobs as the company increases its use of artificial intelligence and automation across its operations.
The UK-headquartered bank said it intends to reduce more than 15 per cent of its back-office workforce by 2030, affecting approximately 7,800 roles globally.
According to reports, some affected employees may be reassigned to other positions within the organisation as part of the transition.
The bank did not specify the exact locations where the job cuts would occur, although it maintains major back-office operations in countries including India, China, Malaysia and Poland.
In a statement, Standard Chartered said it is expanding the use of automation, advanced analytics and artificial intelligence to improve operational efficiency, streamline internal processes and strengthen decision-making.
The move forms part of a broader strategy introduced by the bank’s chief executive, Bill Winters, aimed at improving profitability and modernising operations across its markets in Asia and Africa.
Standard Chartered joins a growing list of global financial institutions and technology companies reducing staff numbers as AI tools increasingly take over tasks traditionally handled by humans.
Earlier this year, Singapore’s largest bank, DBS, also announced plans to cut around 4,000 temporary and contract jobs over the next three years due to AI integration.
The technology sector has also witnessed significant layoffs linked to increased investment in artificial intelligence infrastructure and automation.
In recent months, companies including Meta, Amazon and Oracle have all announced major workforce reductions while simultaneously increasing spending on AI-related projects.
Industry experts have warned that AI-driven restructuring could particularly affect administrative, support and entry-level roles in the coming years as companies continue to automate routine operations.
