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

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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.