Standard Chartered to cut 7,800 jobs

Standard Chartered has announced plans to cut about 7,800 jobs by 2030 as it replaces 'lower-value human capital' with AI and automation.

CEO Bill Winters insisted the move is not a conventional cost-cutting exercise but a strategic shift to improve efficiency.

The cuts will primarily affect back-office hubs in Bengaluru, Chennai, Shenzhen, and Warsaw.

The Asia-focused bank aims to achieve an 18% return on tangible equity by leveraging technology to streamline corporate functions.