Standard Chartered bank cuts thousand of jobs in digital strategy

Standard Chartered is the latest bank to cut thousands of jobs as it cuts costs and encourages its customers to use digital channels

Standard Chartered is the latest bank to cut thousands of jobs as it cuts costs and encourages its customers to use digital channels.

The bank is reducing its retail banking workforce by 2000 and is using technology to provide services.

“We are realigning staff and resources to meet the changing needs of our clients,” the bank said. “Investing in better technology is a key element of our strategy which will see us moving quickly to adopt more digital and mobile channels that will allow our clients to enjoy easy and convenient banking solutions.” It is also closing 100 branches.

But it will do this without its CIO, Jan Verplancke, who is leaving the company.

It has already cut jobs in other parts of its business in an attempt to save over £60m 2016. This takes the total cuts to 4000.

Other banks have recently announced thousands of job cuts and part of plans to increase the use of digital. This includes using technology to provide customer service channels such as mobile and to make internal processes more efficient such as automation software.

For example, Dutch bank ING will cut thousands of staff in its back offices, call centres and IT department over the next three years as it reduces its number of IT systems through automation.

The bank said it is moving to simplified IT systems and automation at a cost of €200m for two years from 2015. It expects to save €270m per year from 2018.

In the UK, Lloyds banking Group is cutting 9,000 jobs and close around 150 branches to focus more on its digital strategy and increase automated processes.

In 2013, Barclays announced plans to cut 1,700 frontline jobs across the UK.

The cuts are part of a strategy to reduce the number of branches as more and more customers use technology to do their banking.

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