Standard Chartered to cut jobs in Singapore, Hong Kong: report

The bank reportedly aims to save about $1.35b by 2024.

Standard Chartered is cutting jobs in Singapore, Hong Kong, and London as in a bid to save about $1.35b by 2024, according to a Bloomberg report, citing unnamed sources.

While the exact figure is yet to be determined, the total number of job cuts is expected to exceed 100, according to an undisclosed source who wished not to be named.

The bank reportedly initiated job reductions in middle office areas such as human resources and digital transformation in Asia. There have been reports of managing directors in the financial markets division being laid off in London, as stated by one of the sources.

Some junior staff members will also be affected, the source said.

ALSO READ: PwC, StanChart release analysis on CBDCs' role in future banking

“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 told.

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