Standard Chartered is targeting a significant increase in profitability, announcing plans to cut over 7,000 jobs by 2030. The move is part of a broader strategy to boost returns and expand its wealth management business.
The London-based bank, which focuses on Asia and Africa, said it aims to achieve a return on tangible equity of over 15% by 2028, rising to about 18% by 2030. This represents an increase of more than three percentage points from 2025.
The job cuts, representing more than 15% of its corporate function roles, will primarily affect back-office positions in human resources, risk, and compliance. CEO Bill Winters stated the reductions will be driven by automation and artificial intelligence, with some staff being reskilled.
"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 said.
The bank's Hong Kong-listed shares rose 2.3% following the announcement. Standard Chartered is focusing on higher-margin businesses, including affluent retail clients and financial institutions, after achieving its 2026 medium-term targets a year early.
The lender also named Manus Costello, former investor relations head, as its permanent CFO, succeeding Diego De Giorgi.