‘Replacing lower-value human capital’: Standard Chartered plans over 7,800 job cuts by 2030 amid AI, profitability push

London-based bank Standard Chartered has announced plans to reduce job positions by more than 15% by 2030 as it scales its use of artificial intelligence (AI) to streamline processes. Bloomberg reported.

The layoffs are expected to impact corporate functions and support roles, including positions such as risk management and regulatory compliance, according to the website. As of the end of 2025, the bank had 52,271 employees in its back office operations. This means the bank will cut more than 7,800 jobs.

“This is not cost-cutting; it’s replacing, in some cases, lower-value human capital with the financial capital and investment capital that we’ve put in,” CEO Bill Winters said at a briefing in Hong Kong on Tuesday, adding that affected staff would be given “clear and concise notice” in advance.

“We don’t have job losses, but there are reductions in job roles in favor of machines, and that will accelerate as we move into artificial intelligence,” Winters added.

The layoffs will lead to productivity improvements that will increase revenue per employee by nearly 20% by 2028, according to StanChart.

18 billion dollar influx, new center in Hong Kong

The announcement comes as Standard Chartered set up an investor and analyst center in Hong Kong on Tuesday. Winters and his management team are preparing to outline the bank’s medium-term financial framework, growth initiatives and strategic priorities.

Alongside the AI-focused restructuring and a recent change in senior management, the lender announced new return targets. Standard Chartered is targeting a 3 percentage point improvement in return on tangible equity, targeting 15% in 2028 and 18% in 2030. The bank also expects to increase its cost-to-income ratio to 57% by 2028.

The bank is meeting with investors after its earnings reached record levels and comfortably exceeded analyst forecasts; This is also supported by a record $18 billion of net new money flowing into the wealth business. This helped cushion the blow of $190 million in “prudential management layers” set aside to manage risks from conflicts in West Asia.

The rise in the lender’s shares, which rose by almost 120% between the beginning of April 2025 and the beginning of February this year, suffered a setback, first due to the surprise departure of Chief Financial Officer Diego De Giorgi and then due to the outbreak of the conflict in West Asia. They have improved greatly since then.

StanChart’s layoff announcement comes at a time when lenders around the world are trying to automate their operations using artificial intelligence. While HSBC Holdings is reportedly planning major layoffs in the coming years, Wall Street firms are making a similar pivot. Goldman Sachs Group Chairman and Chief Operating Officer John Waldron recently described his firm’s traditional operations as a “human assembly line” ready for automation.