Standard Chartered has unveiled a $1bn (£750m) share buyback programme as it reported record profits for the first half of 2026. The move follows an earlier $1.5bn (£1.1bn) buyback completed earlier this year and comes months after the bank announced plans to cut around 7,800 jobs.
Record financial performance
The London-based banking giant posted pre-tax profits of $4.8bn (£3.6bn) for the half-year, an all-time high and a 9% increase compared with the same period a year ago. The results were boosted by strong growth in the wealth management division, where income surged 38% year-on-year as the bank attracted new clients and sold more products. Global banking income also rose 19% year-on-year, benefiting from increased dealmaking and higher investor activity in financial markets.
Shareholder returns and outlook
The new buyback programme starts immediately, bringing total shareholder returns from buybacks this year to $2.5bn (£1.85bn). Standard Chartered highlighted opportunities to cater to rising wealth in emerging markets and to support clients navigating changes in global trade. Chief executive Bill Winters said the returns “reflect our confidence in the business” and added that “clients continue to turn to us to facilitate trade, investment and wealth flows across the world’s most dynamic markets.”
Job cuts and AI controversy
In May, Winters apologised for suggesting that artificial intelligence would replace “lower-value human capital” as the bank announced plans to cut approximately 7,800 roles over four years – a 15% reduction in back-office positions – while expanding its use of AI. Posting on LinkedIn, he said he valued all colleagues and was committed to helping them adapt to the accelerating pace of change in the industry.
