Standard Chartered has announced plans to cut over 7,000 jobs globally over the next four years as it increases the use of artificial intelligence and automation across its operations. The London-based bank said most cuts will impact back-office roles, including compliance, risk, and administrative functions.
The restructuring is aimed at improving efficiency and long-term profitability rather than just reducing costs. The bank said AI will take over several routine tasks, while some employees may be redeployed or retrained. The move reflects a wider trend in global banking as firms adopt technology to streamline operations.