HONG KONG, May 19 (Reuters) - Standard Chartered on Tuesday raised its return target to more than 15% in 2028 and said it plans to cut its corporate function roles by about 15% by 2030.
The bank, in a strategy update to investors, said it would deliver over 15% return on tangible equity (ROTE) — a key bank profitability measure — more than three percentage points increase from 2025, and building to about 18% in 2030.
Its earlier return of a tangible target was above 12% for 2026.
StanChart said the
next phase of its growth would be aided by a more integrated operating model, which it aims to achieve by reducing corporate functions, including back-office roles.
The company had more than 81,800 total full-time employees as of December 31, according to its annual report.
The Asia - and Africa-focused bank unveiled its latest global strategy after hitting earlier performance targets ahead of schedule, shifting attention to whether its Chief Executive Bill Winters can help it sustain momentum after years of restructuring.
"We achieved our 2026 medium-term financial targets a year earlier than planned," Winters said in a statement.
"We now have a more focused, streamlined and efficient organisation."
StanChart underpins its new target by keeping its focus on higher-margin businesses, including affluent retail clients and financial institutions within its corporate and investment banking division.
(Reporting by Selena Li in Hong Kong and Rajasik Mukherjee in Bengaluru; Editing by Shilpi Majumdar)
