Standard Chartered plans to cut more than 7,000 corporate function roles by 2030 while increasing profitability targets. The bank aims to raise income per employee by around 20% by 2028. CEO Bill Winters said the reductions will rely on automation and artificial intelligence, giving staff opportunities to reskill.
The bank will reduce 15% of its corporate function workforce, translating to about 7,800 positions. These roles include human resources, corporate affairs, and supply chain management. Standard Chartered nearly 82,000 staff globally, with about 52,000 in support functions.
Winters told reporters, “It’s not cost-cutting. It's replacing in some cases lower-value human capital with the financial capital and the investment capital we're putting in.” The most affected centres will include Chennai, Bengaluru, Kuala Lumpur, and Warsaw. Staff interested in reskilling will be offered opportunities to move to other roles.
Standard Chartered set new medium-term targets for profitability. The bank aims for a 15% return on tangible equity (ROTE) by 2028, up more than three points from 2025. By 2030, the target increases to 18%.
Jefferies analyst Joseph Dickerson described the targets as ‘conservatively struck,’ expecting mid-teens earnings-per-share growth. The bank also pulled forward a goal to attract $200 billion in net new money to 2028 from 2029. In Q1, Standard Chartered reported its highest wealth revenue and new client money.
The workforce reductions will be supported by technology. Artificial intelligence will help streamline operations and automate back-office tasks. Winters stated, “Of course we’re using AI along the way and AI will be a huge facilitator and enabler of that.”
Morgan Stanley research predicts AI could affect over 200,000 European banking jobs by 2030, about 10% of the sector. Other global banks, including Mizuho, have also announced multi-year headcount reductions driven by automation. Standard Chartered is among the first major banks to explicitly link AI adoption to workforce changes.
Most of Standard Chartered’s revenue comes from Asia, Africa, and the Middle East. The bank set aside $190 million in Q1 for expected losses linked to the Middle East conflict. Winters said, “We are extremely resilient" regarding geopolitical and market risks.
The bank is also expanding supply chain finance solutions in Africa. A $300 million risk-sharing facility with the International Finance Corporation will support businesses in Ghana, Kenya, and six other markets. These measures aim to strengthen growth despite global uncertainties.
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