world-economy

Standard Chartered to Shed 15% of Support Staff by 2030

Standard Chartered will eliminate more than 15% of its corporate functions workforce by 2030 as part of a broader efficiency drive, the bank announced Tuesday. The restructuring targets roles in human resources, corporate affairs, and supply chain management. The move supports management's goal to boost income per employee by roughly 20% through 2028 across the lender's 82,000-person workforce. Standard Chartered simultaneously raised profitability targets, aiming for a 15% return on tangible equity in 2028—up more than three percentage points from 2025—and approximately 18% by 2030. CEO Bill Winters said the bank is "investing in capabilities that will compound competitive advantages." The announcement follows the bank's 17% profit gain last year, driven by strength in wealth solutions and global banking segments, though a $190 million charge related to Middle East conflict exposure weighed on results.