{"text":[[{"start":9.9,"text":"Standard Chartered plans to cut more than 15 per cent of its back-office jobs by 2030 — about 7,800 roles — as the Asia-focused bank increases its use of AI under a new strategy announced by chief executive Bill Winters on Tuesday."}],[{"start":26.75,"text":"He said the corporate functions to be affected included human resources and risk and compliance across the group’s global network, including its hubs in Bengaluru, Shenzhen and Warsaw."}],[{"start":38.55,"text":"“It’s not cost cutting: it’s replacing, in some cases, lower-value human capital with the financial capital and investment capital we’re putting in,” Winters said."}],[{"start":48.5,"text":"StanChart said it was able to hit its “fit for growth” targets of annualised $1.5bn cost savings a year early. Its new targets, which come as the lender hosts an investor day in Hong Kong, focus on increasing non-interest income, particularly from affluent Chinese clients, trade and financial institutions."}],[{"start":66.65,"text":"Its new goals include higher than 15 per cent return on tangible equity in 2028, up from a “higher than 12 per cent” target for 2026, and higher than 18 per cent in 2030. "}],[{"start":79.4,"text":"StanChart also said it would raise “income per employee” by a fifth by 2028 alongside the 15 per cent cut in support functions — and increase the dividend payout ratio to 30 per cent."}],[{"start":91.80000000000001,"text":"Shares rose as much as 2.4 per cent in morning trading in Hong Kong, bringing the gains over the past year to 68 per cent and valuing the bank at about £42bn."}],[{"start":102.80000000000001,"text":"The new targets come as companies and economies brace for lay-offs as AI adoption rises, such as in IT support."}],[{"start":110.25000000000001,"text":"“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,” said Winters, who is the UK’s longest-serving major bank chief executive."}],[{"start":125.20000000000002,"text":"On Monday StanChart said Manus Costello would take over as chief financial officer following the departure of Diego De Giorgi for Apollo earlier this year."}],[{"start":135.95000000000002,"text":"Costello was previously the group’s head of investor relations and before that an analyst whose work included covering the bank."}],[{"start":143.50000000000003,"text":"De Giorgi had been the “driving force” behind the “fit for growth” programme, according to Jefferies analysts. "}],[{"start":149.65000000000003,"text":"Late last month StanChart said it had put aside $190mn to hedge against potential risks from the US-Israeli war on Iran while maintaining its forward guidance."}],[{"start":162.30000000000004,"text":"The provision came as the lender reported record quarterly pre-tax profits of $2.5bn, up 17 per cent year on year and just above company-compiled analyst forecasts."}],[{"start":174.00000000000003,"text":"When asked how StanChart is positioning itself relative to HSBC, Winters said its rival was moving “closer and closer to us”."}],[{"start":189.95000000000002,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1779165675_9135.mp3"}