Standard Chartered to Slash Corporate Jobs in Push for Higher Returns

Standard Chartered announced Tuesday that it will eliminate more than 15% of its corporate functions workforce by 2030, CNBC reported, as the bank moves to sharpen productivity and lift profitability across its global operations.

What the Cuts Cover

The roles being reduced sit across support divisions including human resources, corporate affairs and supply chain management. Of Standard Chartered’s roughly 82,000 staff, approximately 52,000 fall into support classifications. The bank is targeting a roughly 20% improvement in income per employee by 2028 as the key productivity benchmark driving the reduction.

CEO Bill Winters framed the move as an investment in long-term competitiveness. He said the bank is building capabilities designed to compound its advantages and deliver sustainable growth alongside better-quality returns, with firm targets now publicly committed.

Higher Profitability Goals Set Through 2030

Beyond headcount, Standard Chartered raised its medium-term financial targets. The lender is aiming for a 15% return on tangible equity in 2028, an improvement of more than three percentage points versus its 2025 result. By 2030, management is targeting approximately 18%.

Jefferies analyst Joseph Dickerson called the targets “conservatively struck,” arguing they support mid-teens earnings-per-share growth with room to outperform guidance. He noted that the bank’s geographic footprint positions it well for a 5-7% annual revenue growth range, even as geopolitical and macro uncertainties cloud the broader outlook. Jefferies maintained its buy rating and a 2,250 price target on the London-listed shares, which last closed at 1,921.50. Hong Kong-listed shares rose more than 2% in afternoon trading.

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Recent Results Gave the Bank Momentum

Standard Chartered’s restructuring push follows a stronger-than-expected first-quarter earnings report. The bank posted a 17% profit increase, driven by its Wealth Solutions, Global Banking and Global Markets segments. However, results were partially offset by a $190 million charge tied to anticipated credit losses linked to the ongoing Middle East conflict.

The bank has made the Middle East-to-Asia trade corridor a cornerstone of its growth strategy, with the region generating around 6% of total revenue. Standard Chartered also recently partnered with the International Finance Corporation, the World Bank Group’s private-sector arm, on a risk-sharing facility worth up to $300 million. The arrangement targets supply chain finance across eight African markets including Ghana and Kenya, extending the bank’s reach in emerging trade corridors.

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