Standard Chartered Bank reportedly lays off 80 jobs in Singapore, transfers to India

HSBC also started restructuring in October 2024, abolishing a number of senior positions to reduce duplicate work.

Standard Chartered Bank, headquartered in Marina Bay Financial Centre, has 11 branches across the island.

Data shows that the proportion of financial industry in Singapore's GDP has increased from 12.5% ​​in 2018 to 13.8% in 2024, and the number of local financial industry practitioners is close to 200,000.

Earlier in November 2024, Standard Chartered had cut about 100 positions in the three major hubs of Singapore, London and Hong Kong. At that time, the goal was to save more than US$1 billion in costs throughout the year through layoffs and other means.

According to financial career website efinancialcareers last Thursday (June 12), the layoffs mainly come from Standard Chartered's Singapore Technology and Operations Department. Some sources said this may be just the "start of layoffs and job outsourcing plans."

Despite layoffs, Standard Chartered's official website is still recruiting more than 60 Singapore jobs, covering areas such as operations, marketing, business development and technology, including infrastructure engineers and digital product-related positions.

Standard Chartered's fourth-quarter financial report in February exceeded market expectations, and this round of layoffs is part of Standard Chartered's implementation of its "Fit for Growth" corporate cost saving plan, with the goal of giving back to shareholders in the future.

Previously, there have been news that many banks have laid off employees or reduced staff. DBS announced that it will cut about 4,000 contracts and temporary employees in the next three years to deal with the trend of artificial intelligence replacing some human work.

Standard Chartered has cut about 80 employees in Singapore and transferred related positions to India in the new round of layoffs.