More than 7,000 roles to go from corporate and support functions by 2030.
CEO Bill Winters says AI and automation—not cost cutting—are driving the shift.
Bank raises profitability targets as it pivots toward wealth and higher-margin businesses.
Standard Chartered has announced plans to eliminate over 7,000 jobs globally by 2030, targeting corporate and support roles as part of a long-term strategy to improve profitability and streamline operations.
As of June 2025, the bank employed around 51,000 people in support services—often described as back-office functions—out of a total global workforce of roughly 80,000. The lender now plans to reduce more than 15% of these roles over the next five years.
1 May 2026
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The announcement was made during a strategy update to investors on Tuesday.
What Is Driving Workforce Shift?
Chief Executive Bill Winters said the job reductions will be largely driven by increased use of artificial intelligence and automation across banking processes, including compliance, internal operations, and customer handling.
“This is not cost-cutting,” Winters said during a press briefing. “In some cases, we are replacing lower-value human capital with financial and investment capital.” He added that some employees would be reskilled as the bank transforms the way it operates.
Banks globally have been accelerating the use of AI tools, raising concerns about the long-term future of back-office banking jobs.
Higher Profit Targets, Wealth Push
Alongside the workforce changes, Standard Chartered raised its profitability goals. The bank now expects to achieve a return on tangible equity (ROTE) of more than 15% by 2028 and around 18% by 2030—over three percentage points higher than its 2025 expectations.
A key part of this plan is expanding its wealth management business, particularly among affluent retail customers, and focusing on financial institutions within its corporate and investment banking division.
In the first quarter, the bank reported its highest-ever wealth revenue and strongest inflows of new client money.
Exposure to Geopolitical Risks
With a strong presence in Asia-Pacific and Africa, Standard Chartered remains exposed to geopolitical and economic risks in these regions. Analysts have warned that banks may need to raise provisions for bad loans if West Asia tensions persist and energy prices rise.
The bank set aside $190 million in precautionary provisions in the first quarter linked to the ongoing regional conflict.
Winters said the bank had already achieved its 2026 financial targets a year ahead of schedule, describing the organisation as “more focused, streamlined and efficient” after years of restructuring.
Separately, Standard Chartered appointed Manus Costello, currently head of investor relations, as its permanent chief financial officer. He replaces Diego De Giorgi, who resigned in February.
