Standard Chartered to Cut Over 7,000 Jobs by 2030

Standard Chartered plans to cut more than 15% of its corporate function roles by 2030, eliminating over 7,000 positions from its workforce of 80,000 employees. The UK-headquartered bank aims to scale up the use of artificial intelligence and automation, according to BeInCrypto. CEO Bill Winters emphasized that the restructuring is not about cost-cutting but rather replacing lower-value human capital with financial and investment capital. The bank also raised its profitability targets, aiming for a return on tangible equity above 15% by 2028 and around 18% by 2030.