British bank Standard Chartered announced on May 19th its plan to cut thousands of jobs between now and 2030, as artificial intelligence (AI) gradually replaces human workers in many administrative positions.
Specifically, the bank plans to cut more than 15% of its jobs, equivalent to approximately 7,800 employees. Standard Chartered currently has around 82,000 employees globally and has not specified which countries will be affected by the cuts.
This move is part of an effort to transition to a leaner, faster, and more connected operating model.
The bank stated that the goal is to streamline processes, improve decision-making, and enhance customer service quality and internal efficiency.
Through these changes, Standard Chartered expects to boost productivity, thereby increasing average earnings per employee by approximately 20% by 2028.
Standard Chartered's job cuts reflect a larger global trend, as more and more companies across various sectors are cutting jobs due to the widespread penetration of AI into daily operations.
In recent months, tech giants like Amazon (USA) and insurance company Allianz (Germany) have cited AI as a reason for layoffs.
Similarly, Meta and Microsoft have also laid off thousands of employees this year, citing the need to control costs in order to focus investment on the AI sector.
Most recently, the AI-powered translation company DeepL also announced it will cut approximately one-quarter of its workforce due to AI making many positions redundant.
Source: https://www.vietnamplus.vn/standard-chartered-sa-thai-hang-nghin-nhan-su-vi-ai-post1111434.vnp
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