Standard Chartered Bank Layoffs: Standard Chartered Bank is planning to eliminate more than 7,000 jobs in the next four years i.e. by 2030 as it is rapidly increasing the use of Artificial Intelligence (AI) and automation to increase efficiency and increase profits. According to a Reuters report, the London-headquartered bank aims to reduce about 15% of the positions in its corporate departments by 2030.

According to Reuters estimates, this restructuring could affect more than 7,000 employees out of more than 52,000 working in those departments. About 82,000 people work in the bank worldwide. According to the bank’s Chief Executive Officer (CEO) Bill Winters, this step is not just to reduce costs, but it is part of a larger technological change.

The CEO said that for those who want to reskill and move ahead, we are giving them full opportunity to reposition in a new place. The bank has also clarified that some employees may be trained and shifted to new posts.

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Banking system will change with AI and automation

The bank will use Artificial Intelligence (AI) and automation extensively to increase efficiency and earn profits. Winters said that in some cases this amounts to replacing low-value human capital with financial and investment capital. According to the bank, this is likely to have the biggest impact on back-office centers located in cities such as Chennai, Bengaluru, Kuala Lumpur and Warsaw.

Big technology change in banking sector

With this move, the bank has enhanced its long-term profit outlook. The bank expects returns on tangible equity to increase to more than 15% by 2028 and to around 18% by 2030. Despite geopolitical and economic uncertainties, the bank’s focus will remain on high-margin businesses such as thriving retail banking and wealth management.

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Japan’s leading financial institution ‘Mizuho Financial Group’ had already announced that they will reduce 5,000 jobs from their workforce in the next 10 years i.e. a decade on the basis of automation and new technologies. This is not the decision of any one bank, but a big change is coming in the entire global banking industry. Financial institutions are constantly resorting to AI tools to keep themselves competitive and more profitable in the global markets.