StanChart to cut more than 7,000 jobs as bank steps up AI adoption

Standard Chartered blames AI as it cuts thousands of jobs

The London-headquartered lender is one of the first major global ‌banks to lay out official 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.

The London-based banking giant confirmed more than 15 per cent of its back-office roles will be cut by 2030.

The banking giant has laid out plans to hand cash back to shareholders as it became the latest lender to reveal higher profits.