Standard Chartered announced a $1bn share buyback, following an earlier $1.5bn programme, and posted Q2 pre‑tax profit of $2.3bn, up 2% YoY and beating consensus of $2.1bn.

Operating income rose 3% to $5.7bn, above estimates $5.6bn, while its wealth business grew 43% to $1.1bn. Return on tangible equity (ROTE) was 17.9% in the quarter, with targets of 15% by 2028 and 18% by 2030.

CEO Bill Winters said the performance reflects the strength of its international network and disciplined strategy. The bank is cutting around 8,000 back‑office roles, investing heavily in AI, digital platforms and data to boost productivity and resilience.

Winters apologized for earlier remarks about “lower‑value human capital” and stressed that AI will reshape work rather than replace it. The bank also aims to raise income per employee by 20% and simplify its organisation.