The London-headquartered bank said it would cut corporate functions roles by more than 15% by 2030 and scale practical uses of AI to streamline processes, according to a statement on Tuesday. The bank had 52,271 employees in back-office operations at the end of last year.
Chief Executive Officer Bill Winters speaks about AI efficiencies at a press briefing in Hong Kong. Bloomberg’s Tom Metcalf reports. Source: Bloomberg
“It’s not cost cutting; it’s replacing in some cases lower-value human capital with the financial capital and the ...