Standard Chartered cuts 80 jobs in Singapore, relocates roles to India

Standard Chartered has laid off approximately 80 employees in Singapore, primarily from its technology and operations departments, and relocated the roles to India. The job cuts are part of the bank's “Fit for Growth” cost-saving initiative, which is aimed at trimming US$1.5 billion (S$2 billion) in expenses between 2024 and 2026.

The "Fit for Growth" initiative has already seen the bank exceed its fourth-quarter earning estimates, leading to the announcement of a massive share buyback in February this year.

According to a 12 June article by eFinancialCareers, which first broke the news, sources within the bank stated that the offshoring of roles to India is likely only the start of a broader restructuring. The bank plans to leverage its global service hubs in lower-cost markets such as India.

The bank has not disclosed any information about how the layoffs will be handled, including severance packages or redeployment options for the laid-off staff. This is similar to its previous layoff exercises in 2023 and 2024 (over 100 roles across Singapore, London, and Hong Kong), where details were also kept very low profile.

In response to media queries, Standard Chartered stated that Singapore "remains a critical centre for [its] global businesses and technology and operations teams" and that it seeks to "maintain a dynamic blend of world-class local talent in our key markets, including Singapore".

The bank is in fact still hiring in Singapore, with open roles ranging from business development and client servicing to engineering, product management, and notably, at least five AI-related positions. to deliver US$1.5 billion in cost savings by 2026, with the majority of the savings expected to materialise in 2025. The bank has already achieved US$405 million in savings during the first quarter of 2024, leaving close to US$1 billion in projected reductions still to be made over the next two years.

Standard Chartered's move over the last few years reflects a broader trend within the global banking sector, where firms are increasingly offshoring roles to manage margins while making substantial investments in digital and AI-driven solutions.