Standard Chartered announced it will reduce about 15% of its corporate function roles by 2030, cutting more than 7,000 jobs worldwide. The bank had over 81,800 total full-time employees at the end of 2025, with 50,000 to 52,000 working in corporate support or back-office roles [1, 2, 3, 4].
The job cuts will be driven by increased automation and artificial intelligence, with plans to reskill some staff. CEO Bill Winters described the effort as "not cost-cutting," but rather replacing lower-value human capital with investment capital to build competitive advantages and sustainable growth. "We achieved our 2026 medium-term financial targets a year earlier than planned," Winters said. "We now have a more focused, streamlined and efficient organisation" [1, 2, 3].
The bank targets a return on tangible equity (ROTE) of over 15% by 2028, up more than three percentage points from its 2025 targets, and about 18% by 2030 [1, 5, 2, 3, 6, 4]. Standard Chartered also aims to reduce its cost-to-income ratio to 57% in 2028, down from 63% in 2025 [6, 4].
Despite the global job cuts, the bank plans to continue hiring wealth management relationship managers in Singapore and ASEAN to support growth in that region. A StanChart spokesperson said the firm will "accelerate product innovation, improve our digital and client experience, as well as upgrade and launch new client centres" in these markets [6, 4].
Standard Chartered set aside $190 million in provisions in the first quarter of 2026 related to the Middle East conflict [1, 2, 3].
Jefferies analyst Joseph Dickerson noted the bank's targets reflect confidence in achieving 5-7% revenue growth given regional opportunities despite macro uncertainties [3].
The company’s plan to cut corporate function roles and improve financial returns marks a major restructuring effort expected to unfold through 2030 [1, 2, 6].
