London: Standard Chartered has planned to cut more than 15 percent of its back-office workforce by 2030 as the banking giant accelerates its use of artificial intelligence (AI) and automation technologies.
The UK-headquartered lender is expected to eliminate around 7,800 roles globally over the next several years. However, the bank indicated that some employees impacted by the restructuring may be reassigned to other positions within the company.
The move marks the latest example of major corporations reshaping their workforce strategies in response to AI adoption, with businesses increasingly relying on automation tools to perform tasks traditionally handled by human employees.
Focus on automation and efficiency
In a statement, the bank said it is expanding the use of automation, advanced analytics and artificial intelligence to simplify operations, improve decision-making processes, and enhance both customer service and internal efficiency.
The restructuring forms part of chief executive Bill Winters’ broader strategy aimed at strengthening profitability and streamlining operations across the Asia and Africa-focused lender.
The company did not specify which regions would face the largest impact, though Standard Chartered maintains major back-office operations in countries including India, China, Malaysia and Poland.
Banking sector increasingly embracing AI
Standard Chartered is not alone in restructuring its workforce with rapid AI adoption. Earlier this year, DBS, Singapore’s largest bank, announced plans to reduce around 4,000 temporary and contract roles over the next three years as automation capabilities expand.
The trend reflects growing concerns that AI could significantly reshape employment across industries, particularly in technology and financial services sectors, where repetitive and data-heavy tasks are increasingly being automated.
Tech companies also cutting jobs
Several major technology companies have also announced large-scale workforce reductions while simultaneously investing billions into AI development and infrastructure. Meta, the parent company of Facebook, revealed plans to cut roughly 10 percent of its workforce, around 8,000 employees, as it ramps up spending on AI projects.
Meanwhile, Amazon reportedly laid off more than 30,000 workers earlier this year, while Oracle reduced its workforce by over 10,000 employees. Industry analysts warn that AI-driven restructuring could continue to impact administrative, operational, and technology-related roles worldwide in the coming years.
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