Standard Chartered CEO: automation cut 25,000 jobs but also created new ones

AI's impact on jobs is a hot topic in global banking. Standard Chartered CEO Bill Winters spoke at a financial leaders summit hosted by the Hong Kong Monetary Authority in Hong Kong, China. He told worried staff the bank has been through similar changes before.

He said the bank now has about 100,000 employees, the same as 11 years ago. Automation removed around 25,000 roles over the years, but new jobs were created too. The London-based bank also plans to cut back-office roles by more than 15% by 2030, about 8,000 support jobs.

Winters said the bank will offer training and help staff move into new roles to ease concerns. Many banks worldwide are using AI to boost efficiency and announcing layoffs. Barclays plans to cut 5,000 jobs to save costs.