Standard Chartered Plc plans to cut support roles by more than 15%, joining other lenders to use artificial intelligence to replace workers, as it raised its return targets over the next four years. The bank said it would drive productivity improvements to raise income per employee by about 20% by 2028, aided by a reduction in corporate functions roles of more than 15% by 2030, according to a statement on Tuesday. These roles are largely back-office support roles. The lender also laid out new return targets, including a 3 percentage point improvement in return on tangible equity to 15% in 2028 and then to 18% by 2030. It will also seek to improve costs to income ratio to 57% in 2028. Basically, almost every business is going to drive higher earnings via fewer employees due to AI. Sent from Yahoo Mail for iPhone
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