7000 employees will lose their jobs because of AI! This bank took a big decision; Concern increased in banking sector

Layoffs at the Bank: Standard Chartered is preparing to reduce the number of employees on a large scale in the next few years. According to reports, the bank may eliminate more than 7,000 jobs by 2030. The main reason for this is the rapidly increasing use of Artificial Intelligence (AI) and automation in the banking system. The bank is now focusing more on technology-based models to increase efficiency and strengthen profits.

Target to reduce 15% posts

According to reports, this London headquartered bank is planning to reduce about 15% of the posts in its corporate departments. It is estimated that this will impact the corporate division with approximately 52,000 employees, out of which more than 7,000 jobs may be affected. At present, about 82,000 employees work in the bank worldwide.

CEO said – not just cost cutting

Bank CEO Bill Winters said that this decision is not being taken just to reduce expenses, but it is part of a larger technological change. He said that employees who want to learn new skills will be given the opportunity for reskilling and shifting to new roles. The bank will also give training to some employees according to new technology and digital systems.

Banking model will change with AI and automation

The bank will now use AI and automation on a large scale. According to Winters, in many places low-value human labor is being replaced by investment and technology. This change may have the biggest impact on back-office operations in cities like Chennai, Bengaluru, Kuala Lumpur and Warsaw. The bank believes that this will increase both the speed of work and profits.

AI trend growing in global banking industry

This change is not limited to just one bank. Mizuho Financial Group has also already announced plans to cut 5,000 jobs over the next 10 years. Big banks around the world are now trying to make themselves more competitive and profitable by taking the help of AI tools and automation. Experts believe that the nature of jobs in the banking sector may change rapidly in the coming times.

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