Standard Chartered lays off 80 employees in Singapore, offshores positions to India

Standard Chartered has reportedly laid off dozens of employees in Singapore.

Around 80 employees, primarily from the London-based bank’s technology and operations departments, were affected, with the positions being offshored to India, according to finance jobs portal eFinancialCareers.

In a June 12 article, the platform cited sources within the bank who suggested that the offshoring of these jobs to India is “likely only the start.”

When contacted by Vulcan Post, a spokesperson from Standard Chartered shared that the bank “continually looks 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. Singapore remains a critical centre for our global businesses and technology and operations teams.

Currently, Standard Chartered is in the midst of a corporate cost-saving programme called “Fit for Growth,” with the goal of saving US$1.5 billion (S$2 billion) over a three-year period from 2024 to 2026, with the majority of savings targeted for 2025.

In its first-quarter results, the bank reported having achieved US$405 million in savings under the programme so far, indicating that approximately US$1 billion in savings is still outstanding.

Less than a year ago, Standard Chartered cut about 100 jobs across its Singapore, London and Hong Kong hubs in November 2024. This was part of its plan to cut costs by more than US$1 billion (S$1.35 billion) through 2024.

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