Standard Chartered cuts jobs in Singapore; moves them to India: Finance jobs portal
The bank had previously cut about 100 jobs across its Singapore, London and Hong Kong hubs in November 2024. ST PHOTO: KELVIN CHNG
SINGAPORE - 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 ST, 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.
StanChart's head office in Singapore is at Marina Bay Financial Centre, with a network of 11 branches and over 30 ATMs islandwide.
A check on StanChart's job openings on its website showed that the bank is still hiring for over 60 Singapore-based roles in areas ranging from operations to marketing and business development. Tech positions, such as infrastructure engineers and those related to digital products, are still open.
The job cuts follow other global banks that have made reductions to their workforce, including DBS, which had communicated its intention to reduce its contract and temporary staff by around 4,000 over the next three years as artificial intelligence increasingly takes on roles carried out by humans.
Meanwhile, HSBC had also announced a restructuring process in October 2024 that was expected to lead to job cuts, mainly involving those in senior roles to reduce duplication. HSBC Singapore was not able to comment on the number and type of senior management roles it has here, then.
The financial sector's contribution to Singapore's gross domestic product has grown from 12.5 per cent in 2018 to 13.8 per cent in 2024, with a workforce of close to 200,000 here.
Join ST's Telegram channel and get the latest breaking news delivered to you.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
27 minutes ago
- Straits Times
Nippon Steel closes acquisition of US Steel to end 18-month saga
TOKYO – Nippon Steel closed its US$14.1 billion (S$18.1 billion) acquisition of United States Steel bringing an end to a bruising takeover battle that was embroiled in American politics for months until finally gaining support from US President Donald Trump. The transaction closes exactly 18 months after the two steelmakers first announced their surprising tie-up, a timeline veteran traders called one of the most unique they've ever witnessed. The controversial deal weathered two presidential administrations, union opposition, an expensive lobbying campaign and two US security panel reviews. 'This has been an unprecedented situation that got completely politicised – the fact that the union was so vocal, but presidential candidates too? That's never happened before,' said Wolfe Research analyst Timna Tanners, who has covered the industry for two decades. 'Steel was the discussion at people's kitchen tables, which probably hasn't happened for a while, but in the end, it happened exactly how it should have.' Nippon Steel's US$55-a-share acquisition creates the world's second-largest steelmaker and turns the combined entity into a formidable competitor within the American steel industry. The companies struck a conditional deal with the Trump administration on June 13 that saw the Japanese steelmaker agree to invest an additional US$11 billion in the Pittsburgh-based producer, giving them the green light to close a transaction first announced in mid-December 2023. The biggest winners may have been US Steel investors who held onto their stock through the roller-coaster ride that saw shares sink as low as US$26.92 at one point – less than half Nippon Steel's offer. One top investor was Florida-based hedge fund Pentwater Capital Management, which held more than US$1 billion in stock. 'I'm wearing my US Steel shirt today,' Pentwater Capital's founder, Mr Matthew Halbower, said in a June 18 interview. 'In the end, sanity prevailed.' Nippon Steel in the end offered enough concessions to Mr Trump that made it nearly impossible for his administration not to approve the combination. Most eye-opening were promises by the steelmakers to give the US president direct say in a number of decision-making scenarios for the American steelmaker in perpetuity. Nippon Steel and US Steel struck a National Security Agreement with the US, in which US Steel will issue a so-called golden share to the government. The golden share gives consent rights to the US president concerning reductions in capital investments, changing US Steel's name and headquarters, redomiciling outside the US, transferring jobs or production outside the US, acquisitions and decisions to close or idle existing facilities. Nippon Steel's concessions and added investments helped clinch Mr Trump's support of a takeover he opposed even before he became president. Throughout 2024's election campaign, Mr Trump had repeatedly said he was against foreign ownership of US Steel – a position he shared with then-President Joe Biden. Mr Biden blocked Nippon Steel's takeover in early January, arguing that the deal would 'place one of America's largest steel producers under foreign control and create risk for our national security and our critical supply chains'. His decision came after the case was referred to him by a US security panel review. As the two steelmakers sought last-ditch efforts to rescue their transaction, the newly elected Mr Trump started showing a willingness for the White House to revisit the transaction. On April 7, Mr Trump ordered another security review of the potential sale, directing the Committee on Foreign Investment in the United States to file a report within 45 days. Weeks later, Mr Trump touted a 'planned partnership' between the two companies, citing an investment and partial ownership, but under US control. Nippon Steel, with its biggest foreign purchase to date, is making a bet on a new market for its high-end specialty steel – one that is intended to help the industrial heavyweight diversify away from shrinking demand at home and to help it cope with competition from low-cost Chinese exports. Leadership of the influential United Steelworkers union, which represents workers at US Steel plants, opposed the deal from the start. USW President David McCall held significant influence over Mr Biden's decision on whether to block the deal as the then-president saw union and blue-collar votes as central to his ability to win the pivotal swing state of Pennsylvania in his re-election campaign. That power began to wane, however, after Mr Trump won the election, and rank-and-file union members voiced a highly vocal split with leadership in support of the deal. Mr Trump's administration listened to those members, including United Steelworkers Local 2227 Vice President Jason Zugai who acted as the defacto head of the faction wanting Nippon Steel's bid approved. Union leadership remains steadfast in its opposition to the transaction even after its closure, with Mr McCall highlighting the unprecedented presidential control over the company. 'It finally found acceptance by President Donald Trump, who now, through his 'golden share', has assumed a startling degree of personal power over a corporation,' Mr McCall said in a statement. 'We will continue watching, holding Nippon to its commitments.' BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
43 minutes ago
- Business Times
Europe: Shares fall as Middle East tensions weigh; eyes on Fed decision
EUROPEAN shares declined on Wednesday as investors awaited the Federal Reserve's monetary policy decision, with ongoing tensions in the Middle East adding to market uncertainty. The pan-European Stoxx 600 index closed 0.36 per cent down at 540.33, at a near one-month low. The hostilities between Iran and Israel extended to a sixth day, with fears of a more direct US involvement after President Donald Trump asked for Iran's 'unconditional surrender'. However, Iranian Supreme Leader Ayatollah Ali Khamenei rejected Trump's demand for surrender. Defence stocks were among the biggest gainers, with the sector up 0.6 per cent. Traders also stayed away from risk assets ahead of the Federal Reserve's policy meeting at 1800 GMT, where officials are widely expected to hold interest rates steady. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Investors will closely watch policymakers' comments for signals on how the US central bank plans to navigate an uncertain trade environment. 'Rising geopolitical and trade uncertainties mean the Fed's growth and inflation forecasts may lack precision,' said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. The Fed faces additional challenges from potential inflation risks stemming from the escalating Middle East crisis. As the July 8 tariff-pause deadline approaches, many countries, including the EU are scrambling to strike a deal with Washington. European Commission President Ursula von der Leyen was still aiming to reach a deal by July 9. The only formal deal signed was the finalization of the US-UK agreement announced last month. Other major bourses indexes were largely mixed. London's FTSE 100 closed up 0.1 per cent after data showed that British inflation eased as expected in May. Investors are now eyeing the Bank of England's rate decision on Thursday. 'With services inflation still elevated... the BoE looks nailed on to keep rates unchanged,' said Ruth Gregory, deputy chief UK economist at Capital Economics. Sweden's central bank cut its key interest rate to 2.00 per cent from 2.25 per cent as expected. Still, Stockholm's benchmark index dropped 0.1 per cent. The healthcare sector was the biggest drag on the benchmark index, weighed down by a 1 per cent drop by heavyweight Novo Nordisk. A US judge upheld the US Food and Drug Administration's decision to remove the pharma giant's blockbuster drugs Ozempic and Wegovy from the drug shortage list. Barclays forecasts a year-end 2026 target of 620 for the Stoxx 600, citing Germany's stimulus measures and rate cuts as key drivers for this optimistic outlook. French outsourcing firm TP dropped 13.6 per cent to the bottom of Stoxx 600 after announcing new medium-term targets. Gerresheimer rose 6.3 per cent after the German medical packaging maker said it was informed KPS Capital Partners was still in talks with Warburg Pincus on a potential joint takeover bid. REUTERS
Business Times
an hour ago
- Business Times
Microsoft planning thousands more job cuts aimed at salespeople
[NEW YORK] Microsoft is planning to cut thousands of jobs, particularly in sales, as part of the company's latest move to trim its workforce amid heavy spending on artificial intelligence. The cuts are expected to be announced early next month, following the end of Microsoft's fiscal year, according to sources familiar with the matter. The reductions will not exclusively affect sales teams, and the timing could still change, said the sources, who requested anonymity to discuss a private matter. The company declined to comment. The terminations would follow a previous round of layoffs in May that hit 6,000 people and fell hardest on product and engineering positions, largely sparing customer-facing roles such as sales and marketing. In April, the company told employees it planned to use third-party firms to handle more sales of software to small and mid-size customers. Microsoft has said it regularly reevaluates the organisational structure to make sure it's investing for growth. As the company spends tens of billions of US dollars on servers and data centres, executives have pledged to Wall Street, and warned employees, that it would keep a lid on spending in other areas. The company had 228,000 workers at the end of June 2024, 45,000 of them in sales and marketing. Microsoft often restructures teams and announces other changes near the end of its fiscal year, which closes in June. BLOOMBERG
