https://www.reuters.com/business/world-at-work/stanchart-cut-more-than-7000-jobs-bank-steps-up-ai-adoption-2026-05-19/The London-headquartered Standard Chartered announced plans to cut more than 7,000 jobs, with CEO Bill Winters saying the bank will replace some "lower-value human capital" through automation and AI while offering retraining to affected workers. "It's not cost-cutting. It's replacing in some cases lower-value human capital with the financial capital and the investment capital we're putting in," CEO Bill Winters told reporters. "So, the people that want to reskill, that want to carry on, we're giving every opportunity to reposition," Winters said. The cuts, alongside higher shareholder return targets announced in a strategy update, come as StanChart is at the tail-end of a decade-long effort to transform itself from a potential takeover target to a steadily profitable lender. Its London-listed shares, which have risen 65% in the last 12 months, fell 0.5% in early trading, as analysts said the new targets were at the conservative end of their expectations."In a world full of uncertainty, performance may prove more challenging further out," said Ed Firth, analyst at Keefe, Bruyette & Woods, citing how the bank has benefited in recent years from high interest rates and huge wealth flows. StanChart's move to streamline operations and rein in costs comes as more global firms slash jobs by deploying AI to improve efficiency. Mizuho in March unveiled up to 5,000 job cuts. He will also use AI. And banks globally are scrambling to integrate frontier AI models and fend off rising cyber threats.The most affected roles will be in the bank's back-office centres, including those in Chennai, Bengaluru, Kuala Lumpur and Warsaw, according to Winters. "Of course we're using AI along the way and AI will be a huge facilitator and enabler of that," he added, referring to its ongoing revamp to automate more of its core banking system.
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HIGH VALUE STATUS?
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>>535403011Really obviously the AI coding is good right now so the users will test it for free. Then they're going to roll it all back just like Google search did and cut all their features for the general public. The service throttles you for over-usage already anyways, meaning you arent going to be prompting it 8 hours a day all shift like DEI hires plan on doing. This must be a scam to get rid of a ton of workers so they can be replaced by H1B slaves who are loyal dependents.
>>535403398Where do I fucking apply?
>>535403011I ate that shit from your pic once.Probably the best Latvian invention.
>>535404097Visit some royals like Epstein did and they will hook you up
