BlockBeats News, May 19th, according to Reuters, Standard Chartered Bank plans to cut over 7,000 jobs in the next four years, using technology to replace "low-value human capital," becoming the latest financial institution to implement large-scale layoffs driven by artificial intelligence.
The London-based bank stated on Tuesday that AI will help streamline its operations to enhance profitability and address competition. Standard Chartered indicated that it will reduce 15% of corporate and institutional banking roles by 2030. According to Reuters' calculations, this means that out of over 52,000 employees in relevant departments, more than 7,000 will be laid off.
CEO Bill Winters told reporters, "This is not merely about cutting costs but, in some cases, using our financial and intellectual capital that we've invested to replace low-value human capital."
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