Standard Chartered has laid off around 80 staff in Singapore, primarily from its technology and operations divisions, with many roles offshored to India under its global “Fit for Growth” cost-cutting initiative aimed at returning US$1.5 billion to shareholders.
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Standard Chartered Follows DBS, HSBC in Restructuring and Staff Reductions
Sources suggest this may be the beginning of broader restructuring. Despite the layoffs, the bank maintains that Singapore remains a vital hub and continues to hire locally, with over 60 open roles listed.
The move aligns with a wider trend among global banks to streamline operations; DBS and HSBC have also announced job cuts as part of digital transformation and cost-efficiency plans.
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