Standard Chartered to cut more than 7,000 jobs as it steps up AI use

Standard Chartered said it would cut 15% of its corporate function roles by 2030. Photograph: Olivia Harris/Reuters

Standard Chartered plans to cut more than 7,000 jobs over the next four years as it increasingly uses artificial intelligence.

The London-headquartered lender is one of the first major global banks to lay out plans to cut thousands of jobs, citing AI as a driver to make its operations slimmer as it seeks to increase its profitability and tackle competition.