Standard Chartered to cut 15% of corporate functions roles by 2030
Standard Chartered announced on Tuesday it would cut more than 15% of corporate function roles by 2030 while setting higher medium-term profitability targets.
The workforce reduction is part of the lender’s efforts to increase revenue per employee by about 20% by 2028, StanChart said.
According to the 2025 annual report, corporate function roles include employees in human resources, corporate affairs and supply chain management. Of its approximately 82,000 employees, approximately 52,000 work in support roles, with the remainder classified as part of the commercial workforce.
The lender also targeted a 15% return on tangible equity in 2028; This is up more than three percentage points from 2025, with a target of around 18% in 2030.
“We are investing in talent with clear objectives that will increase our competitive advantages, deliver sustainable growth and higher quality returns over time,” StanChart CEO Bill Winters said in a statement outlining the bank’s medium-term goals.
Jefferies analyst Joseph Dickerson called the new targets “conservatively set” and said they would provide earnings per share growth in the mid-teens and a path that could beat expectations.
“The big picture is that the company can clearly commit to a 5-7% revenue growth range given the opportunities in its footprint against the matrix of unknowns in the broader geopolitical/macro environment,” Dickerson said in a note. he said.
Jefferies maintains buy rating and 2,250 price target StanChart‘s London-listed shares last closed at 1,921.50. His Shares listed in Hong Kong It was up more than 2% in afternoon trading.
The news comes after the bank reported a better-than-expected 17% profit increase late last month, helped by strong contributions from its Wealth Solutions, Global Banking and Global Markets stream revenue segments. But the lender also demanded a $190 million fee to cover expected losses linked to the Middle East conflict.
StanChart is counting on the Middle East’s growing trade with Asia and other markets to fuel growth. The majority of its revenue comes from Asia, Africa and the Middle East, with approximately 6% coming from the Middle East.
Last month, Standard Chartered and the International Finance Corporation, the private sector arm of the World Bank Group, announced A new risk-sharing facility to strengthen supply chains and support business growth in Africa.
The facility, which will cover up to $300 million in supply chain and trade finance assets sourced from Standard Chartered, will offer supply chain finance solutions in eight markets, including Ghana and Kenya.
