Standard Chartered will eliminate more than 7,000 jobs over the next four years, replacing what CEO Bill Winters called "lower-value human capital" with artificial intelligence and automation. The cuts primarily affect back-office functions in Chennai, Bengaluru, Kuala Lumpur, and Warsaw.
The London-based bank aims to boost profitability and returns, targeting a return on tangible equity above 15% by 2028. Affected staff will be offered retraining opportunities.
StanChart joins a growing list of global financial firms deploying AI to streamline operations. Japanese lender Mizuho recently announced 5,000 job cuts over a decade. The bank also plans to attract $200 billion in net new wealth by 2028, a year earlier than previously stated.
Despite the aggressive technology shift, Winters assured that the bank remains resilient amid geopolitical uncertainty. The lender set aside $190 million in precautionary provisions related to the Middle East conflict in the first quarter.
CEO Bill Winters confirmed he will stay for several more years to oversee the transformation. The bank also named Manus Costello as permanent CFO, replacing Diego De Giorgi.