Standard Chartered to Cut 15% of Support Roles by 2030 as AI Expands

According to Bloomberg, Standard Chartered announced on May 19 it will reduce more than 15% of corporate function roles by 2030 through expanded AI use in support operations. The cuts will affect 52,271 back-office staff. The bank expects role reductions rather than immediate layoffs, with support functions including risk management and regulatory compliance set to shrink as automation increases.