Standard Chartered reportedly cuts 80 jobs in S'pore, moves them to India: eFinancialCareers

Around 80 employees from Standard Chartered's Singapore technology and operations teams were laid off as the jobs are being offshored to India, according to an article by finance jobs portal eFinancialCareers on Jun. 12.

"Sources at the bank in Singapore said the 80 jobs currently being offshored to India are likely only the start," the article noted.

In response to Mothership's queries, a Standard Chartered spokesperson said, "Singapore remains a critical centre for its global businesses and technology and operations teams."

"We continually look 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," the spokesperson added.

Last November, the company cut around 100 jobs in Singapore, London, and Hong Kong.

The British multinational bank aims to return around US$1.5 billion (S$2 billion) to shareholders through Fit for Growth cost saving programme, with The Straits Times reporting that the company announced a buyback earlier this year.

Standard Chartered's competitor, DBS Group Holdings, announced plans in February to cut around 4,000 of its contract and temporary staff workforce over the next three years.

The company added that permanent staff will not be affected.

Earlier in January, Bloomberg reported that global banks are expected to cut as many as 200,000 jobs over the next three to five years.

This is as artificial intelligence continues to encroach on roles currently carried out by humans.

Around three per cent of the workforce is expected to be cut, with back office and middle office roles most at risk, according to Bloomberg Intelligence.

Top image via Standard Chartered website.