Standard Chartered to cut 7,800 jobs amid AI expansion

Standard Chartered has become one of the major banks to announce layoffs as the use of artificial intelligence (AI) grows. The London-based bank said it would cut more than 15 percent of back-office or internal administrative roles by 2030. The number is expected to reach around 7,800 workers. Standard Chartered has not specified which countries will be affected by the job cuts. However, the company is known to operate large back-office hubs in India, China, Malaysia, and Poland. In a statement, Standard Chartered said the company is increasingly relying on automation and AI to boost work efficiency. ‘We are increasing the practical use of automation, analytics and artificial intelligence to streamline processes, enhance decision-making, and improve client service as well as internal efficiency,’ the company said.