Standard Chartered to cut over 7,000 jobs, aim 18% ROTE
Standard Chartered Bank is set to cut more than 7,000 jobs, or more than 15% of its corporate function roles, by 2030.
The bank says it's moving toward more automation and AI to boost efficiency, aiming for a stronger financial return (18% ROTE) by 2030.
Bill Winters links cuts to automation
CEO Bill Winters explained these cuts are part of a bigger push to swap routine roles for smarter tech.
This lets Standard Chartered zero in on wealthier clients and financial institutions, reporting its highest wealth revenue and new client money in the first quarter.
Standard Chartered sets aside $190 million
Even with growth, the bank faces risks in Asia-Pacific markets, setting aside $190 million for conflict-related provisions.
Manus Costello just stepped in as CFO, and after all these updates, Standard Chartered's Hong Kong shares jumped 2.3%, beating the flat Hang Seng index.