Standard Chartered to cut 7,800 jobs, CEO calls it 'replacing lower-value' employees

Standard Chartered has announced that it'll be firing 7,800 employees from its back-office team by 2030 as it increases its AI adoption. "It's not cost-cutting. It's replacing, in some cases, lower-value human capital with the financial capital and investment capital we're putting in," the bank's CEO Bill Winters said. Standard Chartered has major back-office operations in India, China and Poland.