On May 19, 2026, Standard Chartered announced plans to cut more than 15% of its corporate functions roles by 2030 as part of a broader strategy to increase income per employee by approximately 20% by 2028. This workforce reduction will affect roles in human resources, corporate affairs, and supply chain management, with about 52,000 of the bank's 82,000 employees currently in support roles.
The bank has set ambitious medium-term targets, including a return on tangible equity of 15% by 2028 and 18% by 2030, which are significant increases from its 2025 projections. CEO Bill Winters emphasized the bank's commitment to investing in capabilities that will enhance competitive advantages and drive sustainable growth.
Analyst Joseph Dickerson from Jefferies described these targets as conservatively set, predicting mid-teens earnings-per-share growth and a revenue growth range of 5-7%, despite uncertainties in the geopolitical and macroeconomic landscape.
Following the announcement, Jefferies maintained a buy rating on Standard Chartered's shares, with a price target of 2,250, while the shares saw a more than 2% increase in Hong Kong trading.
This news follows a recent report of a 17% profit increase for the bank, bolstered by strong performance in its Wealth Solutions and Global Banking segments, although it also faced a $190 million charge related to expected losses from the Middle East conflict.
Standard Chartered continues to focus on growth opportunities in the Middle East and Asia, recently partnering with the International Finance Corporation to launch a $300 million risk-sharing facility aimed at strengthening supply chains in Africa