Standard Chartered to Cut Over 15% of Corporate Roles as Bank Targets Higher Profitability

Standard Chartered said Tuesday it plans to reduce more than 15% of its corporate functions roles by the end of the decade as the bank seeks to improve operational efficiency and deliver stronger returns to shareholders.

The workforce reduction forms part of the lender’s broader strategy to increase income per employee by approximately 20% by 2028. According to the bank’s latest annual report, corporate functions include departments such as human resources, corporate affairs, and supply chain management.

Out of Standard Chartered’s roughly 82,000 employees globally, around 52,000 currently work in support functions, while the remaining staff are categorized within business operations.

Alongside the restructuring plans, the bank unveiled more ambitious profitability goals. Standard Chartered now expects to achieve a 15% return on tangible equity by 2028, compared with just under 12% in 2025, and is targeting approximately 18% by 2030.

Chief Executive Bill Winters said the bank is continuing to invest in areas that can strengthen its long-term competitive advantages while improving the quality of returns.

“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,” Winters said in a statement accompanying the bank’s updated strategy.

Analysts viewed the targets as relatively cautious but achievable. Jefferies analyst Joseph Dickerson described the bank’s medium-term outlook as “conservatively struck,” noting that the guidance could support mid-teen earnings-per-share growth over the coming years.

Dickerson added that Standard Chartered appears increasingly confident in sustaining annual revenue growth of between 5% and 7%, supported by opportunities across its geographic footprint despite ongoing macroeconomic and geopolitical uncertainty.

Jefferies maintained its buy rating on Standard Chartered’s London-listed shares and set a price target of 2,250 pence. Shares listed in Hong Kong rose more than 2% following the announcement.

The strategy update follows stronger-than-expected financial results reported by the lender last month. Standard Chartered posted a 17% rise in profit, driven by solid performances across its Wealth Solutions, Global Banking, and Global Markets businesses.

However, the bank also recorded a $190 million charge linked to expected losses stemming from the ongoing conflict in the Middle East, highlighting the continued risks facing global financial institutions.

Standard Chartered has increasingly positioned itself to benefit from expanding trade flows between Asia, Africa, and the Middle East. Approximately 6% of the bank’s revenue currently comes from the Middle East, while the majority is generated across Asia and Africa.

The lender has also been expanding its presence in trade and supply chain finance. Last month, Standard Chartered partnered with the International Finance Corporation, the private-sector arm of the World Bank Group, to launch a new risk-sharing facility aimed at supporting businesses and supply chains across Africa.

The initiative will provide up to $300 million in supply chain and trade finance coverage across eight African markets, including Ghana and Kenya, as the bank seeks to deepen its exposure to high-growth emerging economies.

Despite geopolitical tensions and rising uncertainty in global markets, Standard Chartered’s latest targets suggest the bank remains focused on long-term expansion and efficiency gains as it reshapes operations for the next decade.