Standard Chartered to cut more than 7,000 jobs as it steps up AI use

London-headquartered bank will reduce back-office jobs and aims to move some workers to new roles

Standard Chartered plans to cut more than 7,000 jobs over the next four years as it increasingly uses artificial intelligence.

The London-headquartered lender is one of the first major global banks to lay out plans to cut thousands of jobs, citing AI as a driver to make its operations slimmer as it seeks to increase its profitability and tackle competition.