StanChart cuts 80 jobs in Singapore, offshores roles to India

Standard Chartered has laid off around 80 staff in Singapore, primarily from its technology and operations teams, as part of a broader cost-cutting initiative. The affected roles are being offshored to India, according to a report by eFinancialCareers. The cuts are believed to be part of the bank’s ongoing “Fit for Growth” programme aimed at returning USD1.5bn to shareholders. The move follows a similar round in November 2024, when the bank eliminated about 100 positions across Singapore, London, and Hong Kong. Despite the cuts, Standard Chartered continues to hire for over 60 roles in Singapore, particularly in technology and digital operations. The bank reaffirmed Singapore’s strategic importance as a regional hub for its global businesses and service operations.