Standard Chartered will eliminate more than 7,000 jobs over the next four years as it seeks to replace "lower-value human capital" with technology, becoming one of the top names in finance to target headcount cuts using artificial intelligence. The London-headquartered lender on Tuesday cited AI as a driver to make its operations slimmer in its goal to increase profitability and tackle competition.
StanChart said it would cut 15 per cent of its corporate function roles by 2030, which, according to a Reuters calculation, would result in more than 7,000 redundancies out of its more than 52,000 staff in such roles.
