Standard Chartered's Singapore jobs hit as bank chases US$1.5b return to investors
SINGAPORE, June 19 — Standard Chartered has laid off about 80 employees in Singapore, with many roles from its technology and operations teams being offshored to India, according to a report by financial careers site eFinancialCareers.
The London-based bank's latest round of job cuts comes under its global 'Fit for Growth' cost-saving programme, which aims to return US$1.5 billion (RM6.38 billion) to shareholders.
This move could mark just the beginning of deeper restructuring, as 'sources at the bank in Singapore said the 80 jobs currently being offshored to India are likely only the start'.
Responding to queries from The Straits Times, a Standard Chartered spokesman said: 'Singapore remains a critical centre for their global businesses and technology and operations teams,' though he declined to comment on whether the layoffs were directly tied to shareholder returns.
'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,' the spokesman added.
Despite the cuts, the bank is still actively recruiting in Singapore. A check on its careers portal shows more than 60 open roles, including infrastructure engineers, marketing specialists and digital product leads.
Standard Chartered, which earns most of its revenue from Asia and the Middle East, reported stronger-than-expected earnings in the fourth quarter of 2024. Last November, it cut 100 jobs across its Singapore, London and Hong Kong offices as part of its earlier efforts to save over US$1 billion.
The latest move comes as global banks continue to restructure their operations. DBS has said it will trim 4,000 contract and temporary roles over the next three years, citing automation and AI adoption. HSBC also announced a wave of cuts in October 2024, mostly targeting senior positions to reduce duplication.
Singapore's financial sector remains a key pillar of the economy, contributing 13.8 per cent to GDP in 2024 — up from 12.5 per cent in 2018 — and employing nearly 200,000 people.
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