Wall St Engine(@wallstengine):STANDARD CHARTERED TO CUT NEARLY 8,000 BACK-OFFICE JOBS AS AI USE RISES CEO Bill Winters said the plan is focused on replacing “lower-value human capital” with technology and investment capital. FT reports the bank will reduce back-office headcount by more than 15% by 2030. Affected functions include HR, risk and compliance across hubs including Bengaluru, Tianjin and Warsaw. Standard Chartered is also targeting a 20% increase in income per employee by 2028. New targets: ROTE above 15% in 2028 ROTE above 18% in 2030 Dividend payout ratio raised to 30% The bank says it already hit its $1.5B annualized cost-savings target one year early.

5hours ago

STANDARD CHARTERED TO CUT NEARLY 8,000 BACK-OFFICE JOBS AS AI USE RISES CEO Bill Winters said the plan is focused on replacing “lower-value human capital” with technology and investment capital. FT reports the bank will reduce back-office headcount by more than 15% by 2030. Affected functions include HR, risk and compliance across hubs including Bengaluru, Tianjin and Warsaw. Standard Chartered is also targeting a 20% increase in income per employee by 2028. New targets: ROTE above 15% in 2028 ROTE above 18% in 2030 Dividend payout ratio raised to 30% The bank says it already hit its $1.5B annualized cost-savings target one year early.