Standard Chartered has announced that it will eliminate more than 7,000 jobs over the next four years, in an extensive restructuring process based on automation and artificial intelligence, informs Reuters. The London-based bank thus becomes one of the most important global financial institutions using AI to reduce staff and streamline operations. The management of the group explained that the objective is to increase profitability and adapt to the increasingly intense competition in the banking sector. You may also be interested: Standard Chartered estimates that it will eliminate approximately 15% of positions in corporate functions by 2030, which would mean more than 7,000 layoffs from a total of approximately 52,000 employees in these departments. Chief executive Bill Winters argued, however, that the move is not just a simple cost-cutting measure, but a replacement of «less valuable human capital» through investments in technology and automation. The bank has almost 82,000 employees globally. According to Winters, the restructuring will be carried out gradually through automation and the wider use of artificial intelligence, while some employees will have the opportunity to retrain for other roles within the company. «We offer everyone the opportunity to reposition themselves professionally», he declared, referring to the reconversion programs for the affected employees. Standard Chartered’s decision comes at a time when more and more financial and technology companies are accelerating investments in AI, and the impact on the labor market is starting to become more visible globally.
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