Standard Chartered, headquartered in London, said on Tuesday it has raised its medium-term financial target, aiming for a cleaned return on tangible equity (ROTE) above 15% by 2028. In its investor presentation the bank added that the metric could approach 18% by 2030, an improvement of more than three percentage points compared with the 2025 level.
A key pillar of the planned improvement is cost efficiency. The bank said it will cut more than 15% of staff in support functions by 2030. With a global workforce of roughly 80,000, that equates to about 7,000 positions being eliminated.
Chief Executive Officer Bill Winters attributed the reductions primarily to broader deployment of automation and artificial intelligence. He emphasized that the moves are not merely cost cuts but aim to replace lower‑value human capacity with invested financial and technological capital. The bank also said some affected employees will be retrained.
The refreshed strategy shifts emphasis toward higher‑margin businesses, with priority given to affluent retail clients and the institutional segment within the corporate and investment bank. Standard Chartered reported record wealth management revenues and record inflows of new client assets in the first quarter, supporting the decision to expand its wealth business.
On the market, the bank’s shares in Hong Kong opened 2.3% higher after the announcement, while the Hang Seng index was flat.
In a personnel move, the bank on Monday appointed Manus Costello as permanent chief financial officer, replacing Diego De Giorgi, who resigned in February.
Standard Chartered also noted that it had already met its previously set medium-term financial goals for 2026 a year ahead of schedule, leaving investors to assess whether the post‑restructuring strategy can deliver sustained growth.
Source: Reuters
Lead image: illustrative.
