SINGAPORE: Standard Chartered has laid off approximately 80 employees in Singapore as part of a broader cost-cutting initiative.
The job losses primarily affect staff in technology and operations roles.
According to eFinancialCareers on 12 June 2025, the positions are being offshored to India. Sources within the bank suggest this move may be the first of more to come.
Roles moved under ‘Fit for Growth’ strategy
The job cuts are part of StanChart’s corporate restructuring under its “Fit for Growth” programme. The initiative aims to return US$1.5 billion (S$2 billion) to shareholders.
This follows an earlier round of retrenchments in November 2024, when the bank cut about 100 jobs across Singapore, London, and Hong Kong.
The Asia-focused lender is targeting cost savings of over US$1 billion (S$1.35 billion) through 2024.
In a response to media queries, a Standard Chartered spokesperson said the bank is continually refining operations to better serve clients.
The spokesperson added that Singapore remains a vital hub for its global operations.
Despite the layoffs, Standard Chartered maintains that Singapore plays a critical role in its global business.
The bank operates 11 branches and over 30 ATMs in the country, with its head office located at Marina Bay Financial Centre.
A recent check on the bank’s website indicates that more than 60 job openings in Singapore remain available.
These include roles in operations, marketing, and technology, such as infrastructure engineering and digital product development.
The bank’s offshoring move aligns with a broader trend in the global financial sector.
Other major institutions, including DBS and HSBC, have also announced workforce reductions.
DBS plans to cut around 4,000 contract and temporary roles over the next three years, citing the growing adoption of artificial intelligence.
Meanwhile, HSBC announced a senior management restructuring in October 2024, with redundancies expected to follow.
Reddit discussion shares Singaporeans losing jobs to neighbouring SEA countries amid offshoring trend
The news of Standard Chartered’s layoffs coincides with growing public concern over job offshoring trends in Singapore.
A recent Reddit thread drew attention to a perceived uptick in roles being relocated to lower-cost Southeast Asian countries.
Users shared examples of IT, finance, and administrative roles being moved to Malaysia, Vietnam, and the Philippines.
Some noted that Singapore had once benefited similarly when roles from the US and Europe were outsourced to Asia.
The financial sector’s contribution to Singapore’s GDP rose from 12.5% in 2018 to 13.8% in 2024. Employing nearly 200,000 people, the industry continues to serve as a key pillar of the nation’s economy.
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