Standard Chartered plans to halve its global branch network and slash its office space by around a third as it adjusts to a post-pandemic, digital-first world.
The British bank, which has a strong presence in Asia, Africa and the Middle East, will reduce the size of its branch network to around 400 as it bids to cut costs.
Reporting first quarter results, details on potential job losses were scant but there are plans to "drive automation to enable the re-shaping of the workforce".
News of the office space reduction comes months after the bank set out post-pandemic plans for a hybrid approach that lets employees mix up where they work.
Banks around the world are making similar calculations: yesterday, Deutsche Bank said it will slash its branch network and move to a hybrid remote working model.
For the quarter, Standard Chartered reported pre-tax profit of $1.4 billion, versus $1.2 billion a year earlier.