Standard Chartered is cutting Singapore jobs as it offshores to India

Citi is far from the only bank cutting costs by moving jobs to lower cost locations. Standard Chartered is doing the same thing as it attempts to cut expenses by $1.5bn between 2024 and 2026.

Get Morning Coffee ☕ in your inbox. Sign up here.

As it squeezes costs, insiders at the bank say jobs are disappearing in Singapore. 80 people in the bank's Singapore technology and operations teams are understood to have been cut as jobs are moved to India. 

Standard Chartered confirmed the change. This is not the first time the bank has cut in Singapore: last November it removed around 100 middle office jobs in Singapore, London and Hong Kong. 

When it released its first quarter results, Standard Chartered said it had achieved $405m of savings from its "Fit For Growth" program, implying there is still $1bn to go.

A spokesman for the bank said: "We continually look to enhance our operations to serve our clients better. As a global firm, we maintain a dynamic blend of world-class local talent in our key markets, including Singapore, and leverage the multi-disciplinary expertise housed in our global business service hubs. Singapore remains a critical centre for our global businesses and technology and operations teams."

Sources at the bank in Singapore said the 80 jobs currently being offshored to India are likely only the start. 

Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, WhatsApp or voicemail). Telegram: @SarahButcher. Click here to fill in our anonymous form, or email editortips@efinancialcareers.com. Signal also available.

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libellous (in which case it won’t.)