Standard Chartered to slash workforce by 15% over AI

Banking giant Standard Chartered will cut 15% of its workforce by 2030 as its use of AI increases.

The UK-headquartered company, which has large offices in China, India, Malaysia, and Poland, said it was boosting automation, but would move some affected staff into new roles. Several other banking and tech firms have announced job cuts that they attributed to AI, but the job market is under other pressures too.

The UK announced unexpectedly high unemployment and slow wage growth, which analysts attributed to the Iran war. Rising prices may push AI adoption: Britain’s health service proposed cutting recruitment and boosting AI use to avoid “financial ruin” as growing demands for care, rising inflation, and an aging society push up costs.