Standard Chartered Bank (StanChart) has initiated a fresh round of job cuts in Singapore, reportedly laying off around 80 employees, primarily from its technology and operations teams.
The move is part of the bank’s broader “Fit for Growth” restructuring programme, aimed at reducing operational costs and returning US$1.5 billion to shareholders.
While the bank has not issued a formal public statement detailing the layoffs, multiple sources confirm that the affected roles are being offshored to India, where StanChart operates a large Global Business Services (GBS) hub.
StanChart Layoffs: A Pattern of Global Workforce Realignment
This is not the first time StanChart has trimmed its workforce in key financial hubs.
In November 2024, the bank reportedly cut around 100 jobs across Singapore, London, and Hong Kong, as part of its ongoing efforts to save over US$1 billion through 2024.
The latest layoffs in Singapore are seen as a continuation of this strategy, with insiders suggesting that the 80 job cuts may only be the beginning of a broader restructuring wave.
Singapore’s Role: Still a Critical Hub
Despite the layoffs, StanChart maintains that Singapore remains a critical centre for its global operations.
A bank spokesperson emphasized that the firm continues to invest in local talent and that the restructuring is part of a global effort to enhance operational efficiency and better serve clients.
A check on the bank’s careers portal reveals that over 60 roles are still open in Singapore.
These include positions in digital product development, infrastructure engineering, marketing, and business development.
This suggests that while some roles are being offshored, others are being created or retained to support evolving business needs.
StanChart Strategy: India’s Growing Role
India is emerging as a key operational hub for StanChart, particularly in areas like technology, analytics, and back-office support.
The bank’s GBS centres in India are designed to consolidate functions and reduce costs while maintaining service quality.
The offshoring of roles from Singapore to India aligns with the bank’s overall cost-saving strategy.
It enables Standard Chartered to leverage India’s talent pool and cost advantages without compromising on delivery standards.
Digital Transformation and AI Integration
The restructuring also coincides with StanChart’s digital transformation efforts.
Earlier this year, the bank launched SC GPT, a generative AI platform designed to enhance productivity and streamline operations.
It also aims to improve client engagement across 41 global markets.
SC GPT is expected to automate routine tasks and accelerate software development.
It will also support smarter decision-making, reducing the need for certain roles in traditional operations and tech teams.
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