Standard Chartered to cut thousands of roles as AI use increases

Standard Chartered is not the first financial services firm to shed roles as AI takes on more work currently done by humans.

In February, Singapore’s biggest bank, DBS, said it expected to cut about 4,000 contract and temporary roles over the next three years.

Huge AI-related job losses are expected to hit technology industry workers and graduates particularly hard.

Several big tech firms, most of which are spending huge sums on building tools and infrastructure for AI technology, have made major job cuts this year.

In April, Facebook owner Meta said it will cut thousands of jobs next month as it spends more than ever on AI projects.

The company told employees that it planned to cut 10% of its workforce – roughly 8,000 staff. It said it would also not fill thousands more open jobs it had been hiring for.

Amazon announced in January that it would lay off more than 30,000 workers, while Oracle laid off more than 10,000 workers.