StanChart reportedly looks to slash jobs in SG and HK, digital transformation roles impacted

The layoffs in the banking sectors continue as Standard Chartered became the next bank after Goldman Sachs and JPMorgan Chase to reduce its headcount. The bank reportedly mulls to cut jobs across Singapore, London and Hong Kong as part of a cost cutting strategy, of which the bank is looking to save more than US$1 billion through 2024.

According to Bloomberg, the bank has started eliminating roles in middle-office functions including human resources and digital transformation in Asia in the last few weeks. The total number of employees impacted could be more than 100, said the report.

A StanChart spokesman told Reuters that this move is part of normal business activity to review the bank’s role requirements on an ongoing basis across the bank.

MARKETING-INTERACTIVE has reached out to StanChart for a statement. 

The bank has earned most of its revenue in Asia, with a 21% surge in Q1 2023, according to its first quarter financial results. The bank's January-March pre-tax profit recorded US$1.81 billion, above US$1.49 billion compared to the previous year and exceeding the US$1.43 billion average of 14 analyst estimates compiled by the bank.

Back in May, the bank partnered with Singapore FinTech Association (SFA) to publish the ‘Deepening Sustainability with DLT’ paper that explores how different stakeholders can work together to improve payment transparency in supply chains. The paper advances knowledge on complex topics such as Distributed Ledger Technology (DLT) and how it can be used in supply chain payments for corporates, financial institutions and their corresponding ecosystems.

In the same month, the bank has launched the Standard Chartered Trustee (Hong Kong) after receiving regulatory approval to complete its acquisition of RBC Investor Services Trust Hong Kong. The strategic acquisition will see SCBHK’s existing local trustee capabilities merge into SC Trustee over time.

This aims to enhance SCBHK’s securities services capabilities and client base, expanding into the trustee business for Mandatory Provident Fund (“MPF”) schemes and Occupational Retirement Schemes Ordinance schemes in Hong Kong.

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