world-economy

Standard Chartered to Trim 15% of Corporate Staff Through 2030

Standard Chartered will reduce corporate functions headcount by more than 15% through 2030 as part of a broader efficiency drive aimed at lifting income per employee by over 20% by 2028. The lender, which employs roughly 82,000 workers across support and business roles, raised medium-term profitability targets Tuesday. The bank targets a 15% return on tangible equity in 2028, up more than three percentage points from 2025 levels, and aims for approximately 18% by 2030. Corporate function cuts will span human resources, corporate affairs and supply chain management roles. Chief Executive Bill Winters said the bank is investing in competitive capabilities while pursuing sustainable growth and higher-quality returns. The workforce restructuring comes after Standard Chartered reported 17% profit growth recently, though the bank recorded a $190 million charge related to Middle East conflict exposure.