00:00Standard Chartered plans to cut about 15% of its corporate functions roles over the next four years
00:06as it accelerates artificial intelligence adoption.
00:10The reductions represent more than 7,000 roles out of around 52,000 back office staff.
00:17Its Kuala Lumpur office is among the affected locations.
00:24Chief Executive Bill Winter said the move is not about cost-cutting,
00:28but shifting towards higher-value work and more investment in technology and capital.
00:32He added it is also part of the bank's effort to raise income per employee by around 20% by
00:392028.
00:40According to the bank, the most affected roles will be in back office centres,
00:44including Bangalore, Chennai, Kuala Lumpur and Warsaw.
00:48The lender has a total global staff of nearly 82,000, with around 52,000 in support roles.
00:56Stanchart is not the first major global bank to cut jobs to make way for AI.
01:01In February, Singapore's largest bank, DBS,
01:04announced plans to cut 4,000 contract and temporary staff over the next three years.
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