Standard Chartered plans 15% cut to back-office jobs by 2030

In short: Standard Chartered says it will cut 15% of its back-office roles by 2030 as it expands its use of AI.

What happened

Standard Chartered, a bank with a big focus on Asia, said it plans to reduce its back-office and other support roles by 15% by 2030. Back-office jobs are the internal support work that helps a bank run, like processing, reporting, and IT support.

The bank said it is increasing its use of automation and artificial intelligence, which is software that can do some tasks that usually need people (like a fast assistant that can sort, check, and summarize information). Standard Chartered said these tools will help it streamline processes, improve decision-making, and boost both customer service and internal efficiency.

The job cuts are part of a wider set of new targets under chief executive Bill Winters. Standard Chartered said it hit its earlier cost-saving goal of $1.5bn in annual savings a year ahead of schedule. It also set targets including a return on tangible equity of more than 15% by 2028 and more than 18% by 2030, and a 20% increase in “income per employee” by 2028.

The bank also announced a leadership update. Manus Costello will become chief financial officer after the departure of Diego De Giorgi.

Why it matters

For many office workers, this is a clear example of how AI is starting to change everyday jobs, not just tech jobs. Banks and other large employers are looking at support work first because it often involves repeatable tasks. This can mean fewer roles in some teams, even when a company is performing well.

Source: Financial Times