Standard Chartered plans to cut more than 7,000 jobs globally by 2030 as the bank looks to improve profits, increase automation and expand its wealth management business.
The London-headquartered bank announced the move on Tuesday as part of a new long-term strategy shared with investors.
Standard Chartered said it now expects to deliver a return on tangible equity (ROTE) of more than 15% by 2028 and around 18% by 2030. The figure is more than three percentage points higher than the level expected in 2025.
The bank said the job cuts would mainly come from corporate and support functions, often referred to as back-office roles.
As of June 2025, Standard Chartered had around 51,000 employees working in support services. The bank said it plans to reduce more than 15% of these corporate function roles by 2030.
This would amount to more than 7,000 job cuts from the bank’s global workforce of around 80,000 employees.
Standard Chartered CEO Bill Winters said the reduction in jobs would be driven by automation and the growing use of artificial intelligence in banking operations.
According to Winters, some employees will be reskilled as the bank changes the way it operates.
“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 during a press conference.
Banks across the world have increasingly started using AI and automation to handle routine tasks, customer support, compliance checks and internal operations. This has raised concerns globally over the future of back-office banking jobs.
Standard Chartered said it wants to focus more on higher-margin businesses to improve profits over the coming years.
The bank plans to continue expanding its wealth management business, especially among affluent retail customers.
It is also focusing on financial institutions within its corporate and investment banking division.
In the first quarter, the bank reported its highest-ever wealth revenue and the highest amount of new client money brought into the business.
The latest strategy update suggests the bank sees wealth management as one of its key growth areas over the next five years.
Following the announcement, Standard Chartered’s Hong Kong-listed shares rose 2.3% in early trading, while the broader Hang Seng index remained largely flat.
The bank is trying to build on years of restructuring and improve growth even as global economic uncertainty continues to affect many markets.
Standard Chartered has a strong presence in Asia-Pacific and Africa, making it more exposed to geopolitical tensions and economic slowdowns in those regions.
Analysts have warned that banks in Asia-Pacific may need to increase provisions for bad loans if the Iran conflict continues and higher energy prices start affecting businesses and borrowers.
The bank had already set aside USD 190 million in precautionary provisions linked to the Middle East conflict during the first quarter.
Bill Winters said the bank had already achieved its earlier financial targets ahead of schedule.
“We achieved our 2026 medium-term financial targets a year earlier than planned,” Winters said in a statement.
“We now have a more focused, streamlined and efficient organisation,” he added.
The bank’s latest targets are aimed at maintaining growth momentum after years of restructuring efforts under Winters’ leadership.
Separately, Standard Chartered also announced leadership changes this week.
The bank named Manus Costello, currently head of investor relations, as its permanent chief financial officer.
He replaces Diego De Giorgi, who resigned in February after nearly three years with the bank.