Standard Chartered to cut over 7,000 jobs by 2030
What's the story
Standard Chartered has announced plans to cut over 7,000 jobs globally by 2030. The decision comes as part of the bank's strategy to improve profits, increase automation and expand its wealth management business. The London-headquartered bank revealed the move on Tuesday as part of a new long-term strategy shared with investors.
Financial outlook
Most job cuts from back-office roles
Standard Chartered now expects to achieve a return on tangible equity (ROTE) of over 15% by 2028 and around 18% by 2030. The figure is over three percentage points higher than the level expected in 2025. The bank has said that most of the job cuts will come from corporate and support functions, commonly referred to as back-office roles. As of June 2025, Standard Chartered had some 51,000 employees in support services.
Tech influence
Impact of automation and AI on jobs
Standard Chartered CEO Bill Winters has said that the job cuts will be driven by automation and the increasing use of artificial intelligence in banking operations. He added that some employees would be reskilled as the bank changes its way of working. "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," Winters said at a press conference.
Business strategy
Expansion of wealth management business
Standard Chartered plans to focus more on higher-margin businesses, especially in wealth management. The bank is looking to expand its wealth management business among affluent retail customers and financial institutions within its corporate and investment banking division. In Q1, the bank reported its highest-ever wealth revenue and new client money brought into the business.