Standard Chartered to Cut 7,800 Jobs as AI Reshapes Global Banking Operations
While the company did not specify where the reductions will occur, Standard Chartered operates major back-office hubs in India, China, Malaysia and Poland.
Standard Chartered has announced plans to cut more than 7,800 back-office jobs by 2030 as the banking giant accelerates its adoption of artificial intelligence and automation across global operations.
While the company did not specify where the reductions will occur, Standard Chartered operates major back-office hubs in India, China, Malaysia and Poland.
The bank also aims to redeploy some affected employees into other roles within the organisation as AI tools increasingly handle routine operational tasks.
“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,” the bank said in a statement.
Standard Chartered joins a growing list of major financial and technology firms restructuring workforces as AI adoption accelerates globally
The broader technology industry has also seen significant job cuts amid rising investment in AI infrastructure.
Meta recently announced plans to cut around 8,000 jobs while ramping up spending on artificial intelligence projects.
Amazon and Oracle have also announced tens of thousands of layoffs in recent months.
Nonetheless, financial software company Intuit recently announced plans to lay off around 3,000 employees, representing nearly 17% of its workforce. However, CEO Sasan Goodarzi said the cuts are aimed at simplifying the company’s corporate structure and speeding up decision-making rather than replacing workers with AI.
