Standard Chartered has announced plans to cut thousands of jobs by 2030 as the bank increases the use of artificial intelligence and automation across its operations.

The Asia-focused lender disclosed on Tuesday that the restructuring forms part of a broader strategy aimed at creating a “simpler, faster and more connected operating model.”

According to the bank, automation, advanced analytics and artificial intelligence will increasingly be deployed to streamline processes, improve decision-making and enhance customer service and internal efficiency.

Standard Chartered said more than 15 percent of targeted roles would be affected, translating to about 7,800 job cuts globally.

The bank, which currently employs around 82,000 people worldwide, did not specify which countries or departments would be most impacted by the planned layoffs.

Chief Executive Officer Bill Winters said the institution was investing heavily in new capabilities that would strengthen its long-term competitiveness and support sustainable growth.

“We are investing in the capabilities that will compound our competitive advantages and drive sustainable growth and higher quality returns over time,” Winters said in a statement.

The bank also stated that it expects the transformation programme to improve productivity significantly, with a target of increasing income generated per employee by about 20 percent by 2028.

Standard Chartered noted that its strategy is built around the belief that the global economy is becoming increasingly interconnected, complex and cross-border in nature.

The announcement adds to growing concerns within the global banking and financial services sector over the impact of artificial intelligence on employment, particularly in administrative and operational roles traditionally handled by human workers.