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StanChart To Cut Over 7,000 Jobs, Boost AI To Replace 'Lower-Value Human Capital'

2 months 1 week ago
The London-headquartered lender Standard Chartered announced plans to cut more than 7,000 jobs by 2030, with CEO Bill Winters saying the bank will replace some "lower-value human capital" through automation and AI while offering retraining to affected workers. "It's not cost-cutting. It's replacing in some cases lower-value human capital with the financial capital and the investment capital we're putting in," CEO Bill Winters told reporters. "So, the people that want to reskill, that want to carry on, we're giving every opportunity to reposition," Winters said. Reuters reports: The cuts, alongside higher shareholder return targets announced in a strategy update, come as StanChart is at the tail-end of a decade-long effort to transform itself from a potential takeover target to a steadily profitable lender. Its London-listed shares, which have risen 65% in the last 12 months, fell 0.5% in early trading, as analysts said the new targets were at the conservative end of their expectations. "In a world full of uncertainty, performance may prove more challenging further out," said Ed Firth, analyst at Keefe, Bruyette & Woods, citing how the bank has benefited in recent years from high interest rates and huge wealth flows. StanChart's move to streamline operations and rein in costs comes as more global firms slash jobs by deploying AI to improve efficiency. Japanese lender Mizuho in March unveiled up to 5,000 job cuts over a decade. And banks globally are scrambling to integrate frontier AI models and fend off rising cyber threats. The most affected roles will be in the bank's back-office centres, including those in Chennai, Bengaluru, Kuala Lumpur and Warsaw, according to Winters. "Of course we're using AI along the way and AI will be a huge facilitator and enabler of that," he added, referring to its ongoing revamp to automate more of its core banking system. StanChart said it would deliver over 15% return on tangible equity in 2028, more than three percentage points higher than in 2025, and building to about 18% in 2030. Meta also announced plans to reassign 7,000 employees into AI-related initiatives, just ahead of layoffs expected to affect roughly 8,000 workers.

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CISA Admin Leaked AWS GovCloud Keys On Github

2 months 1 week ago
An anonymous reader quotes a report from KrebsOnSecurity: Until this past weekend, a contractor for the Cybersecurity & Infrastructure Security Agency (CISA) maintained a public GitHub repository that exposed credentials to several highly privileged AWS GovCloud accounts and a large number of internal CISA systems. Security experts said the public archive included files detailing how CISA builds, tests and deploys software internally, and that it represents one of the most egregious government data leaks in recent history. On May 15, KrebsOnSecurity heard from Guillaume Valadon, a researcher with the security firm GitGuardian. Valadon's company constantly scans public code repositories at GitHub and elsewhere for exposed secrets, automatically alerting the offending accounts of any apparent sensitive data exposures. Valadon said he reached out because the owner in this case wasn't responding and the information exposed was highly sensitive. The GitHub repository that Valadon flagged was named "Private-CISA," and it harbored a vast number of internal CISA/DHS credentials and files, including cloud keys, tokens, plaintext passwords, logs and other sensitive CISA assets. Valadon said the exposed CISA credentials represent a textbook example of poor security hygiene, noting that the commit logs in the offending GitHub account show that the CISA administrator disabled the default setting in GitHub that blocks users from publishing SSH keys or other secrets in public code repositories. "Passwords stored in plain text in a csv, backups in git, explicit commands to disable GitHub secrets detection feature," Valadon wrote in an email. "I honestly believed that it was all fake before analyzing the content deeper. This is indeed the worst leak that I've witnessed in my career. It is obviously an individual's mistake, but I believe that it might reveal internal practices." "Currently, there is no indication that any sensitive data was compromised as a result of this incident," a CISA spokesperson wrote. "While we hold our team members to the highest standards of integrity and operational awareness, we are working to ensure additional safeguards are implemented to prevent future occurrences." The GitHub account in question was taken offline shortly after CISA was notified about the exposure. However, according to Caturegli, the exposed AWS keys remained valid for another 48 hours. "What I suspect happened is [the CISA contractor] was using this GitHub to synchronize files between a work laptop and a home computer, because he has regularly committed to this repo since November 2025," Caturegli said. "This would be an embarrassing leak for any company, but it's even more so in this case because it's CISA."

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