8th June 2023 – (Hong Kong) Standard Chartered is reportedly beginning to lay off employees across Singapore, London, and Hong Kong as part of its ongoing plan to cut costs by over US$1 billion by 2024. The British bank had previously announced its aim to cut down US$1.3 billion as part of its cost-efficiency program. While a final number has yet to be decided, the total reduction in staff could be more than 100, according to sources cited by Bloomberg News.
The bank has already started trimming roles in middle-office functions, including human resources and digital transformation, in Asia over the past few weeks. Additionally, a few managing directors in financial markets have been cut in London, according to an anonymous source. A Standard Chartered spokesperson stated that reviewing the bank’s role requirements on an ongoing basis is part of normal business activity.
Standard Chartered’s move follows a trend of big banks cutting jobs, with Goldman Sachs and JPMorgan Chase reducing their workforce by nearly 250 and 500 employees, respectively. Standard Chartered, which earns most of its revenue in Asia, saw a 21% increase in first-quarter profit due to rising interest rates buoying income from its cash management and retail banking businesses. The bank reported a pre-tax profit of US$1.81 billion for January-March, beating expectations and marking its largest first-quarter profit in nine years.
