Standard Chartered announced an increase in its share buyback program, allocating $1 billion (£750 million) to buy back shares following a record financial performance in the first half of 2026. The London-based bank reported pre-tax profits of £3.6 billion for the period, marking an all-time high and a 9 percent rise compared with the same timeframe in the previous year.

The bank’s wealth management division notably contributed to the improved income, with revenue rising by 38 percent year-on-year. This growth was attributed to successfully onboarding new clients and expanding product offerings.

Chief Executive Bill Winters expressed confidence in the bank’s business outlook, stating that the enhanced shareholder returns reflect this positive outlook. However, Winters also addressed criticism that arose earlier in the year after he referred to the potential replacement of “lower-value human capital” by artificial intelligence, remarks he apologized for in May. The comments came as Standard Chartered revealed plans to reduce approximately 7,800 jobs — primarily in back-office functions — representing a 15 percent workforce reduction in those areas planned over the next four years.

Winters acknowledged the upset caused by his earlier choice of words and apologised to colleagues, emphasizing the bank’s ongoing commitment to integrating technology while managing workforce changes. The announcement of the share buyback follows closely on the heels of the significant job cut plans, underscoring the bank’s efforts to balance cost efficiencies with returns to investors amid a rapidly evolving financial services landscape.