Job cuts | Standard Chartered steps up AI use to 'replace lower-value human capital'

UK-based global bank Standard Chartered is set to cut thousands of roles over the next several years as it increases the use of artificial intelligence and automation across its operations, becoming one of the clearest examples yet of a major employer explicitly linking AI adoption to workforce reductions.

The firm, which is based in London, plans to reduce around 15% of its back-office workforce by 2030, equating to roughly 7,800 roles out of more than 52,000 staff in those functions.

The move comes as firms across sectors continue to weigh up whether AI will augment work or ultimately replace jobs.

Standard Chartered, which employs nearly 82,000 people globally, said the reductions would be driven by automation and AI adoption, although some workers are expected to move into different roles through reskilling efforts.

Chief executive Bill Winters insisted the shift should not be viewed purely as a cost-cutting exercise.