Standard Chartered has announced plans to cut thousands of jobs as the company expands its use of artificial intelligence (AI) across its operations.
The UK-based banking giant said it will reduce more than 15 per cent of its back-office workforce by 2030.
The planned cuts could affect around 7,800 employees. However, the company hopes to move some affected staff into other positions within the organisation.
Like many global companies, Standard Chartered is increasingly relying on AI tools to handle tasks traditionally performed by humans.
Businesses across different industries have made similar decisions in recent months as automation and AI continue to reshape workplaces.
The bank did not specify which countries would be affected by the layoffs. It currently operates major back-office centres in India, China, Malaysia and Poland.
“We are scaling practical uses of automation, advanced analytics and artificial intelligence to streamline processes, improve decision-making and enhance both client service and internal efficiency,” the company said in a statement.
The decision forms part of a wider strategy introduced by the bank’s chief executive, Bill Winters, aimed at strengthening the bank’s operations across Asia and Africa while also improving profitability.
Standard Chartered joins several financial institutions that have reduced staff numbers as AI takes over more routine responsibilities.
Earlier this year, DBS Bank, Singapore’s largest bank, announced plans to cut around 4,000 temporary and contract jobs over the next three years because of AI adoption.
Technology workers and recent graduates are expected to feel the impact of AI-related job losses more strongly as companies continue investing heavily in artificial intelligence systems and infrastructure.
Several major technology firms have already announced significant layoffs this year while increasing spending on AI development.
In April, Meta, the parent company of Facebook, revealed plans to cut thousands of jobs as it boosts investment in AI projects.
The company informed workers that it intended to reduce its workforce by 10 per cent, affecting about 8,000 employees. It also decided not to fill thousands of vacant positions.
Meanwhile, Amazon announced in January that it would lay off more than 30,000 employees, while Oracle also reduced its workforce by over 10,000 workers.
