StanChart Embarks on Layoffs Across Singapore, London and Hong Kong Hubsby Fintech News Singapore June 8, 2023
Standard Chartered has begun the process of cutting more than 100 jobs across its Singapore, London and Hong Kong offices to trim costs by more than US$1 billion by 2024, according to a Bloomberg report.
Previously, the bank had aimed for US$1.3 billion in savings from 2022 to 2024.
Standard Chartered has already begun the layoffs which has so far affected middle office roles including human resources and digital transformation in Asia in the last few weeks.
On top of that, several managing directors in financial markets and junior staff were also axed. However, the exact number has yet to be decided at the moment.
The British multinational bank has a large presence in Asia, Africa and the Middle East with its single biggest market being Hong Kong and Singapore.
“It is part of normal business activity to review our role requirements on an ongoing basis across the bank, to ensure that we remain effective in delivering our business strategy and serving our clients’ needs,”
a spokesperson for Standard Chartered said.