Standard Chartered Group plans to cut back-office positions, leveraging artificial intelligence to enhance returns

Standard Chartered announced on Tuesday that it will increase employee revenue per capita by about 20% by 2028 through staff reductions to enhance efficiency, and plans to cut more than 15% of corporate functional positions by 2030. These positions are mainly back-office support roles. Standard Chartered also introduced new return targets, including raising the return on tangible equity by 3 percentage points to 15% by 2028 and further increasing it to 18% by 2030. The bank is also striving to reduce its cost-to-income ratio to 57% by 2028. Standard Chartered stated that the staff cuts will be aided by expanded automation, advanced analytics, and large-scale practical applications of artificial intelligence, in order to simplify processes, improve decision-making, and enhance customer service and internal efficiency.