Standard Chartered has been trying to cut costs and save millions of dollars. As part of this endeavour, the bank has let go 80 employees in Singapore, primarily from tech and operations. These roles are reportedly set to be offshored to India.
In November 2024, StanChart had let go about 100 jobs in London, Hong Kong and Singapore. Having already saved about $400 million, as reported by eFinancialCareers, the bank is now set to save $ 1 billion more.
These job cuts are part of the ‘Fit for Growth’ restructuring plan, which is aimed at accomplishing the goal of paying back over $1 billion to shareholders.
Interestingly, job openings reportedly still exist in Singapore, as per the bank’s website. That means Standard Chartered is still hiring professionals for its tech, marketing and operations teams and is on the lookout for engineering and digital product-development talent.
A couple of months ago, Standard Chartered had launched SC GPT, a generative AI tool designed to enhance productivity, drive innovation and deepen client engagement across 41 markets globally. This new AI platform was introduced to benefit over 70,000 employees, streamlining operations, enabling smarter sales and marketing initiatives, accelerating software development, and bolstering risk management. SC GPT is a cornerstone in Standard Chartered’s broader digital strategy, aimed at embedding AI responsibly and efficiently throughout its global business.