Standard Chartered Bank announced on the 19th that by 2030, the company plans to reduce more than 15% of positions in its corporate functions department, involving nearly 8,000 jobs.
In a statement, Standard Chartered Bank said that the next phase of growth for the company will benefit from a more streamlined, responsive, and interconnected operating model.
Standard Chartered Group CEO Bill Winters stated in the announcement that Standard Chartered Bank is stepping up core capability building, continuously consolidating its competitive advantages, promoting sustainable business growth, and achieving long-term high-quality returns.
Standard Chartered Bank has nearly 82,000 employees worldwide, with more than 52,000 in back-office roles.
With advances in artificial intelligence technology and its widespread adoption in the financial sector, some financial institutions have announced job cuts recently. Previously, Singapore’s DBS Bank announced that nearly 4,000 jobs would be cut in the next three years.