UK-based bank, Standard Chartered has decided to reduce its workforce as it increases its adoption of artificial intelligence (AI).
The organization said that it will cut over 15%, or around 7,800, of its workforce in back office roles by 2030, primarily in Chennai, Bengaluru, Kuala Lumpur and Warsaw. The layoffs will be implemented gradually over the next four years.
Chief executive Bill Winters said the transition will largely be driven by automation and the adoption of artificial intelligence, while some employees will be reskilled for new roles.
“It’s not cost-cutting. It’s replacing in some cases lower-value human capital with the financial capital and the investment capital we’re putting in,” he said. “Of course we’re using AI along the way and AI will be a huge facilitator and enabler of that.”
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