Standard Chartered said on Tuesday it would cut the role of its corporate arm by more than 15% by 2030, while setting higher medium-term profit targets.
The job cuts are part of the financial institution’s efforts to increase revenue per employee by about 20% by 2028, according to StanChart.
According to the 2025 annual report, roles in the corporate sector include employees in human resources, corporate affairs, and supply chain management. Of our approximately 82,000 employees, approximately 52,000 are in support positions and the remainder are classified as part of our business workforce.
The lender is also targeting a return on tangible equity of 15% in 2028, an increase of more than 3 percentage points from 2025, and around 18% in 2030.
In a statement outlining the bank’s medium-term goals, StanChart CEO Bill Winters said, “We are investing in our ability to set clear goals, enhance our competitive advantage, and drive sustainable growth and higher quality returns over the long term.”
Jefferies analyst Joseph Dickerson said the new target was “modestly achieved” and could result in mid-100% earnings per share growth and beating guidance.
“The big picture is that the company can clearly commit to a range of 5% to 7% revenue growth given the opportunity of its footprint against the unknown matrix of the broader geopolitical/macro environment,” Dickerson said in the note.
Jefferies maintained a Buy rating and 2,250 price target. stun chart‘s London-listed shares closed at 1,921.50. the Hong Kong listed stocks It rose more than 2% in afternoon trading.
The news comes after the bank reported a better-than-expected 17% profit increase late last month, with contributions from its Wealth Solutions, Global Banking and Global Markets flow income divisions. But the lender also recorded a $190 million charge to cover expected losses related to the Middle East conflict.
Stanchart is betting on the Middle East’s increased trade with Asia and other markets to drive growth. Most of its revenue comes from Asia, Africa, and the Middle East, with about 6% coming from the Middle East.
Last month, Standard Chartered and the International Finance Corporation, the private arm of the World Bank Group, announced a new risk-sharing scheme to strengthen supply chains and support business growth in Africa.
The facility will cover up to $300 million in supply chain and trade finance assets created by Standard Chartered, which will deploy supply chain finance solutions in eight markets including Ghana and Kenya.
