Standard Chartered Bank is set to eliminate over 7,000 positions worldwide by the year 2030 as part of its initiative to enhance profitability, boost automation, and broaden its wealth management sector. The London-based bank made this announcement on Tuesday while outlining a new long-term strategy to investors.

The bank anticipates achieving a return on tangible equity (ROTE) of more than 15 per cent by 2028, with projections of approximately 18 per cent by 2030. This target is over three percentage points higher than previously expected figures for 2025. The job cuts are primarily expected to affect corporate and support functions, commonly referred to as back-office roles.

As of June 2025, Standard Chartered employed nearly 51,000 individuals in support services, with plans to reduce more than 15 per cent of these roles by 2030. This reduction signifies a cut of over 7,000 positions from the bank’s total workforce, which stands at around 80,000 globally.

Artificial Intelligence Driving Change

According to Standard Chartered CEO Bill Winters, the forthcoming job reductions will be influenced by the rise of automation and artificial intelligence within the banking sector. Winters indicated that some employees may undergo reskilling as the organisation evolves its operational strategies.

“This is not merely a cost-cutting measure,” Winters stated during a press briefing. “In some instances, we are replacing lower-value human roles with financial and investment capital.” The banking industry has increasingly adopted AI and automation to manage routine tasks, customer interactions, compliance checks, and internal processes. This trend has led to growing concerns regarding the job security of back-office banking staff on a global scale.

Standard Chartered aims to concentrate on higher-margin sectors, thereby enhancing profitability in the years ahead. The bank plans to continue to expand its wealth management division, particularly among affluent retail customers. The evolution of its corporate and investment banking operations will also prioritise financial institutions.

Market Response and Future Outlook

Standard Chartered maintains a substantial presence in the Asia-Pacific and Africa regions, which makes it more susceptible to geopolitical tensions and economic downturns. Analysts have cautioned that banks operating in these regions may need to increase reserves for potential bad loans, especially if the situation in Iran continues to escalate and surging energy prices start to adversely impact businesses and borrowers.

In the first quarter, the bank allocated $190 million in precautionary provisions related to the Middle East conflict. During the press update, Winters mentioned that Standard Chartered had met its previous financial objectives ahead of schedule, indicating a need for a more streamlined organisational structure.

Leadership Changes Announced

In conjunction with the job cuts and strategic adjustments, Standard Chartered revealed leadership changes this week. Manus Costello, who has been serving as the head of investor relations, has been appointed as the bank’s permanent chief financial officer. He succeeds Diego De Giorgi, who resigned in February after nearly three years in the role.

These measures represent a comprehensive approach by Standard Chartered to adapt to the changing landscape of the financial industry while positioning itself for sustainable growth. The bank’s latest strategic targets aim to uphold the momentum generated by years of restructuring under Winters’ leadership.

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