SINGAPORE: Standard Chartered has laid off 80 staff members in Singapore, mainly from its technology and operations teams, which are being offshored to India, according to eFinancialCareers. Sources at the bank in Singapore also said the cuts are likely just the start of a broader restructuring. This comes amid the bank’s global “Fit for Growth” cost-saving programme to return US$1.5 billion (S$1.93 billion) to shareholders.
In 2023, Bloomberg reported that the bank planned to cut jobs across Singapore, London, and Hong Kong as part of its cost-cutting efforts. By August 2024, eFinancialCareers said “a couple of dozen” junior and mid-level bankers would be among those affected. In November, the bank reportedly laid off around 100 middle office roles across the three cities—a move that was part of the bank’s efforts to cut costs by over US$1 billion through 2024.
According to the bank’s spokesperson, “We continually look to enhance our operations to serve our clients better. As a global firm, we maintain a dynamic blend of world-class local talent in our key markets, including Singapore, and leverage the multi-disciplinary expertise housed in our global business service hubs.”
He added that “Singapore remains a critical centre for our global businesses and technology and operations teams,” although he did not say whether the job cuts were directly tied to shareholder returns.
Despite the layoffs, Malay Mail reported that the bank is still hiring in Singapore, with 60 open roles listed on its careers portal. Open roles include digital product leads, infrastructure engineers, and marketing specialists.
Just last week, managing director Ken Ong from recruitment agency Morgan McKinley Singapore said hiring in banks has slowed, with only one new hire for every two who resign, as firms aim to stay liquid. /TISG
Featured image by Depositphotos (for illustration purposes only)
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