Dozens of staff at Standard Chartered have reportedly been laid off in Singapore in a fresh round of job cuts by the London-based bank.
The move affected about 80 Singapore-based employees – understood to be from the bank’s technology and operations teams – with their jobs being offshored to India, according to finance jobs portal efinancialcareers.
In a website article published on June 12, the global financial services company noted that “sources at the bank in Singapore said the 80 jobs currently being offshored to India are likely only the start”.
“Singapore remains a critical centre for their global businesses and technology and operations teams,” a StanChart spokesman said when contacted by the Straits Times, without providing details such as whether the job cuts are part of the bank’s plan to save costs in a bid to return capital to shareholders.
“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.
The bank, which makes most of its money in Asia and the Middle East, is in the midst of a corporate cost-saving programme called “Fit for Growth” as it aims to return US$1.5 billion (S$2 billion) more to shareholders. It reported fourth-quarter earnings that beat estimates in February 2025.
The bank had previously cut about 100 jobs across its Singapore, London and Hong Kong hubs in November 2024. This was part of the Asia-focused lender’s plan to cut costs by more than US$1 billion (S$1.35 billion) through 2024.
The Straits Times
