Standard Chartered cuts jobs in Singapore as roles reportedly move to India

Around 80 roles in the bank’s tech and operations teams have reportedly been affected, as it aims to cut US$1.5bn in costs between 2024 and 2026.

Standard Chartered is letting go of staff in Singapore, with roughly 80 roles in its technology and operations teams said to be impacted. According to an article by eFinancialCareers, these roles are being offshored to India as the bank pushes ahead with a broader plan to reduce expenses by US$1.5bn between 2024 and 2026.

This latest round of job cuts is said to be part of the bank’s Fit for Growth programme, through which it has already achieved US$405mn in savings, per its Q1 2025 financial results. That leaves around US$1bn more to be shaved off in the coming quarters.

In a statement shared with HRO, a Standard Chartered spokesperson 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.”

No details were shared on the specific roles and markets affected, or whether any outplacement support has been extended to impacted employees.

Lead image / Standard Chartered media assets library