<div id="readability-page-1"><div><div><div><div><p>Standard Chartered is planning to cut thousands of jobs as artificial intelligence agents increasingly replace back-office staff in the finance sector.</p><p>The banking giant said overnight that the number of administrative roles at the company would be cut by at least 15pc by 2030, equivalent to nearly 8,000 jobs.</p><p>The company did not provide details on where it intends to cut the roles but it has significant back-office operations across India, China, Malaysia and Poland.</p><p>The bank employs around 82,000 people with roughly 52,000 in administrative roles. Some of those affected are set to be relocated to other parts of the business.</p><p>Shares in Standard Chartered rose by as much as 2.5pc in the wake of the announcement.</p><p>Standard Chartered is the latest bank to announce significant job cuts as AI technology advances.</p><p>HSBC is also preparing to cut around 20,000 roles, the equivalent of around 10pc of its total workforce.</p><p>John Waldron, the president and chief operating officer of Goldman Sachs, recently described his bank’s back-office and administrative roles as a “human assembly line” ripe for automation.</p><p>Morgan Stanley has predicted that more than 200,000 European banking jobs are under threat from AI over the next five years.</p><p>AI is already having a significant effect on the broader jobs market.</p><p>The Institute for Fiscal Studies, a think tank, said recently that AI was part of the reason that just half of 16 to 24-year-olds in the UK were in payrolled work at the end of last year.</p><p>Dario Amodei, the chief executive of Anthropic, has warned that AI could eliminate up to half of entry-level white-collar jobs across fields such as law, finance and consulting, and lead to US unemployment rates rising to 20pc within the next few years.</p><p>The move by Standard Chartered is part of a fresh strategy by Bill Winters, the bank’s chief executive, to improve profitability. The bank is seeking to raise its so-called income per employee by a fifth by 2028.</p><p>“We are investing in the capabilities that will compound our competitive advantages and drive sustainable growth and higher quality returns over time,” Mr Winters said.</p><p>In April, Standard Chartered said it set aside $190m (£142m) to hedge against the potential risks from the war in Iran but it maintained its guidance for the year.</p><p>It reported a record pre-tax profit of $2.5bn for the first quarter of the year, up by 17pc year-on-year.</p></div></div></div></div></div>

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<p>Standard Chartered plans to cut at least 15% of its administrative roles, equating to nearly 8,000 jobs, by 2030 due to AI replacing back-office staff. The bank aims to improve profitability and increase income per employee by 20% by 2028. Shares rose 2.5% following the announcement. This move aligns with industry trends, as other banks like HSBC and Morgan Stanley also face significant job cuts due to AI advancements.</p>

- Standard Chartered plans to cut at least 15% of its administrative workforce, which translates to nearly 8,000 jobs, by 2030 as AI replaces back-office staff.  
- The bank, which employs around 82,000 people, has significant operations in India, China, Malaysia, and Poland.  
- This initiative is part of a strategy to improve profitability, as the bank aims to raise its income per employee by 20% by 2028 while continuing to report strong financial results.

The telegraph

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Standard Chartered blames AI as it cuts thousands of jobs