Standard Chartered has confirmed that around 7,800 jobs will be cut from its workforce as the company scales its usage of artificial intelligence (AI). The London-based bank will slash approximately 15 per cent of its 82,000-strong staff, with operations also based in Bengaluru, Shenzhen, and Warsaw.
New technology strategy
The company is now adopting new technologies as part of a renewed strategy. The lender stated: “We are scaling practical uses of automation, advanced analytics and artificial intelligence to streamline processes, improve decision‑making and enhance both client service and internal efficiency.”
CEO comments
Bill Winters, group chief executive, said: “Our strategy is grounded in a simple belief: the world is becoming more connected, more complex and more cross-border. Our trusted ability to combine network and product capabilities to solve challenging cross-border problems is difficult to replicate.”
He added: “We are investing in the capabilities that will compound our competitive advantages and drive sustainable growth and higher quality returns over time, with clear targets in place.”
Winters also clarified: “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.” When asked about the role of new technologies, he noted: “Of course we’re using AI along the way and AI will be a huge facilitator and enabler of that.”
Halifax brand retirement rumours
This news follows reports that Halifax will soon disappear from the high street completely, as Lloyds Banking Group, which owns the lender, is set to retire the brand. Speaking to The Sun, a Lloyds Banking spokesperson said the group regularly reviews its brands but emphasised that there are no immediate changes for customers.
The spokesperson explained: “We regularly look at the role our brands play in supporting our customers. Our banking customers can already use any Lloyds, Halifax or Bank of Scotland branch, and see any of their products and services in any of their apps — there are no changes for our customers today.”
Ranald Mitchell, Director at Norwich-based bad credit mortgage specialists Charwin Mortgages, commented: “Halifax disappearing from the high street feels like the closing of another chapter in ordinary British life.”
