StanChart Joins AI Push With Cuts to ‘Lower-Value Human Capital’

Standard Chartered Plc plans to eliminate close to 8,000 support roles over the next four years, one of the first global lenders to set out how it expects artificial intelligence to trim headcount.

The London-headquartered bank said it would cut corporate functions roles by more than 15% by 2030 and scale practical uses of AI to streamline processes, according to a statement on Tuesday. The bank had 52,271 employees in back-office operations at the end of last year.

“It’s not cost cutting; it’s replacing in some cases lower-value human capital with the financial capital and the ...