It was reported that Standard Chartered has begun cutting jobs in Asia’s Middle Office, including those in human resources and digital transformation departments.
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 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.
According to Standard Chartered’s CEO, Bill Winters, the global banking system will cope with current turbulence, but it is still feeling the aftermath of the collapse of several local banks in the United States.
The mentioned turbulence is causing a hiccup in many institutions and large lenders, who have recently announced cost reductions and layoffs.
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.
