Standard Chartered on Tuesday announced it would cut more than 15% of its corporate functions roles by 2030, while setting higher medium-term profitability targets.
The workforce reduction is part of the lender’s efforts to raise income per employee by more than 20% by 2028, StanChart said.
According to its 2025 annual report, corporate function roles include employees in human resources, corporate affairs and supply chain management. Of its roughly 82,000 employees, about 52,000 work in support roles, while the remainder are classified as part of its business workforce.
The lender also aimed for a 15% return on tangible equity in 2028, up more than three percentage points from 2025, and targeted about 18% in 2030.
“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,” StanChart CEO Bill Winters said in the statement outlining the bank’s medium-term targets.
Jefferies analyst Joseph Dickerson described the new targets as “conservatively struck,” which he said would deliver mid-teens earnings-per-share growth and a path that could exceed guidance.
“The bigger picture is that the company can clearly commit to a 5-7% revenue growth range given the opportunities in its foot print against a matrix of unknowns in the broader geopolitical/macro environment,” Dickerson said in a note.
Jefferies maintained its buy rating and a 2,250 price target on StanChart‘s London-listed shares, which last closed at 1,921.50. Its Hong Kong-listed shares were up more than 2% in afternoon trade.
The news comes after the bank late last month reported a better-than-expected profit gain of 17%, helped by stronger contributions from its Wealth Solutions, Global Banking, and Global Markets flow income segments. However, the lender also logged a $190 million charge to cover expected losses linked to the Middle East conflict.
StanChart has been betting on the Middle East’s growing trade with Asia and other markets to drive growth. Most of its revenue came from Asia, Africa and the Middle East, with around 6% generated from the Middle East.
Last month, Standard Chartered and the International Finance Corporation, the World Bank Group’s private-sector arm, announced a new risk-sharing facility to strengthen supply chains and support business growth in Africa.
The facility, which will cover up to $300 million in supply chain and trade finance assets originated by Standard Chartered, will roll out supply chain finance solutions in eight markets, including Ghana and Kenya.
