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Bank announces significant workforce reduction
Standard Chartered will eliminate over 15% of its back-office positions-approximately 7,800 roles-by 2030 as part of a broader shift toward artificial intelligence, the UK-based banking group confirmed Tuesday.
AI integration drives job cuts
The bank stated it plans to deploy automation, advanced analytics, and AI to streamline operations, improve decision-making, and enhance client service. While specific locations for the cuts were not disclosed, Standard Chartered operates major back-office hubs in India, China, Malaysia, and Poland.
Sources indicate the bank aims to redeploy some affected employees into other areas of the business.
Broader trend in financial sector
Standard Chartered's move reflects a growing pattern among financial institutions adopting AI to reduce labor costs. In February, Singapore's largest bank, DBS, announced plans to cut around 4,000 contract and temporary roles over the next three years.
The bank's strategy aligns with CEO Bill Winters' broader vision to boost profitability while expanding its focus on Asia and Africa.
Tech sector also hit by AI-driven layoffs
AI-related job losses are not confined to finance. Major technology companies, many of which are investing heavily in AI infrastructure, have also announced substantial workforce reductions this year.
In April, Meta, the parent company of Facebook, revealed plans to cut 10% of its workforce-roughly 8,000 employees-and leave thousands of open positions unfilled. Amazon and Oracle similarly announced layoffs earlier this year, with Amazon cutting over 30,000 roles and Oracle eliminating more than 10,000 positions.
Impact on workers and graduates
Analysts warn that AI-driven automation could disproportionately affect technology professionals and recent graduates, as companies prioritize efficiency gains over traditional hiring.
"We are scaling practical uses of automation, advanced analytics, and artificial intelligence to streamline processes, improve decision-making, and enhance both client service and internal efficiency," Standard Chartered said in a statement.
