LONDON — Starling Bank announced it will eliminate 130 jobs as part of a restructuring effort to reduce duplicate roles and increase its investment in artificial intelligence to reduce costs. The job cuts represent 3% of the bank's workforce, which totals more than 4,000 employees. The financial institution stated that the restructuring is intended to simplify operations, reduce duplication, and accelerate product delivery. Starling Bank indicated this involves hiring tech and AI engineers while changing parts of its banking team structure.

A Starling Bank statement confirmed, "While we are continuing to hire tech and AI engineers, we recently told colleagues that we are changing parts of our banking team structure to simplify how we operate, reduce instances of duplication, and drive further product delivery at pace." The bank also stated, "We have begun a period of consultation with colleagues whose roles may be affected by these changes."

The bank reported a 6% drop in revenue for the year ending in March, with total revenue reaching £887 million. Pre-tax profit also decreased by 3% to £217 million. Starling Bank attributed part of this profit reduction to investments in its digital banking software, Engine. Starling Bank was founded in 2014 by Anne Boden, a former Royal Bank of Scotland executive. The bank currently serves 6.2 million customers, with the majority located in the UK. Raman Bhatia serves as the chief executive of Starling Bank. In January, Starling's chief executive, Raman Bhatia, told the Sunday Times that "while there were no firm plans, he could see this business as a plc in a near-term window."