Standard Chartered To Replace “Lower-Value Human Capital” With AI As Meta Layoff D-Day Nears
The white-collar job-loss apocalypse, accelerated by AI, is increasingly concentrated in repetitive, data-intensive, and digitally native roles, with tech firms announcing layoffs one after another. While ‘D-Day’ for Meta layoffs is Wednesday morning, the London-headquartered international bank Standard Chartered announced on Tuesday plans to cut 15% of its corporate roles (or about 7800 jobs) by 2030 as part of a broader efficiency push amid the adoption of AI. STAN also raised its profitability targets, aiming for a 15% return on tangible equity by 2028 and roughly 18% by 2030. “Drive productivity improvements to raise income per employee by ~20 percent by 2028, aided by a reduction in corporate functions roles of >15 percent by 2030,” STAN wrote in a press release. STAN CEO Bill Winters stated in the release, “We are investing in the capabilities that will compound our competitive advantages and drive sustainable growth and higher quality returns over time, with clear targets in place.” To achieve this, Winters explained: “We are scaling practical uses of automation, advanced analytics and artificial intelligence to streamline …

