Standard Chartered is shaking things up, announcing it will cut over 15% of its back-office support jobs by 2030.
The bank wants to work smarter, not harder, so it is turning to automation, AI, and data analytics to boost efficiency and raise income per employee by 20% in just a couple of years.
Standard Chartered targets 15% RoTE 2028
CEO Bill Winters says these tech upgrades are all about sustainable growth and better returns.
The bank is aiming for some pretty ambitious numbers: a return on tangible equity of 15% by 2028, plus lowering its cost-to-income ratio to 57% by 2028.
As its Fit for Growth program is designed to deliver $1.5 billion in savings and seeing strong earnings (including $18 billion flowing into its wealth business), Standard Chartered seems ready for the next chapter.