Standard Chartered cuts 80 jobs in Singapore under cost-saving strategy

Standard Chartered has laid off around 80 employees in Singapore as part of its ongoing corporate restructuring and cost-cutting efforts.

The retrenchments, reported by eFinancialCareers on 12 June 2025, primarily affect technology and operations staff. Sources within the bank suggested the layoffs could mark the beginning of further cuts.

Roles moved under ‘Fit for Growth’

The job losses come under the bank’s “Fit for Growth” programme, a restructuring initiative designed to streamline operations and return US$1.5 billion (S$2 billion) to shareholders.

This is the second round of job cuts in less than a year. In November 2024, Standard Chartered reduced about 100 positions across Singapore, London, and Hong Kong.

The Asia-focused lender has targeted cost savings of more than US$1 billion (S$1.35 billion) through 2024 as it seeks to strengthen profitability in an increasingly competitive global market.

Bank affirms Singapore’s importance

Responding to media queries, a Standard Chartered spokesperson said the bank is continually refining its operations to better serve clients.

The spokesperson emphasised that Singapore remains a vital hub for the bank’s global operations despite the latest retrenchments.

Standard Chartered’s Singapore head office is located at Marina Bay Financial Centre. The bank operates 11 branches and more than 30 ATMs across the country.

Job openings remain available

Despite the layoffs, Standard Chartered’s website continues to list over 60 vacancies in Singapore. Available positions include roles in operations, marketing, and technology, such as infrastructure engineering and digital product development.

The simultaneous presence of redundancies and new openings reflects the bank’s effort to realign its workforce with evolving business needs and emerging areas of growth.

Offshoring trend in financial services

The affected roles have been offshored to India, aligning with a broader trend across the global financial services industry. Many institutions are moving roles to lower-cost centres while investing in automation and digital transformation.

Singapore’s banking sector has not been immune to these changes. DBS announced plans to reduce around 4,000 contract and temporary positions over three years, citing the adoption of artificial intelligence to streamline operations.

HSBC also unveiled a senior management restructuring in October 2024, with redundancies expected as part of its global efficiency drive.

Public reaction to offshoring concerns

The news of Standard Chartered’s layoffs has coincided with growing public concern about offshoring trends in Singapore.

A recent Reddit thread highlighted a perceived increase in jobs being relocated to neighbouring Southeast Asian countries such as Malaysia, Vietnam, and the Philippines.

Users shared personal experiences of IT, finance, and administrative roles being moved abroad. Several pointed out that Singapore itself had benefited in earlier decades from the outsourcing of jobs from the United States and Europe.

Financial sector’s role in the economy

The financial services sector remains a critical pillar of Singapore’s economy. It contributed 13.8 per cent to GDP in 2024, up from 12.5 per cent in 2018, according to official statistics.

The industry employs nearly 200,000 people, offering careers across banking, insurance, asset management, and fintech.

Analysts note that while the sector continues to grow in economic importance, rapid technological change and cost pressures are reshaping traditional employment patterns.

Balancing efficiency and workforce impact

Industry experts suggest that Standard Chartered’s decision reflects the broader pressures faced by international banks. Rising operational costs, regulatory demands, and the need to invest in digital capabilities have prompted institutions to streamline staff structures.

For Singapore, the trend raises questions about workforce resilience and the readiness of employees to adapt to shifts in skill demands.

Programmes promoting upskilling and reskilling are expected to play an increasingly central role in helping displaced workers transition into emerging roles, particularly in technology and data-driven areas.

Looking ahead

Standard Chartered’s restructuring underscores the challenges facing international banks as they balance cost efficiency with maintaining a skilled workforce in global financial hubs such as Singapore.

While the bank maintains that Singapore remains central to its global operations, the offshoring of roles may fuel continued debate about the future of employment in the local financial sector.

Analysts expect that automation, artificial intelligence, and the relocation of back-office functions to lower-cost countries will continue to influence workforce structures across the industry.