Standard Chartered to Cut Over 7,000 Back-Office Jobs in 4 Years with AI, Aims for Higher Profit
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British bank Standard Chartered announced it is raising its target for Return on Tangible Equity (ROTE) to boost profitability. To achieve this, the bank plans to cut over 7,000 back-office positions within four years by promoting the use of artificial intelligence (AI) and automation, accounting for 15% of its back-office workforce. CEO Bill Winters emphasized that the move is not purely about cost-cutting but about replacing lower-value human capital with financial capital. The bank will also focus on high-margin businesses like wealth management.