Standard Chartered has laid off approximately 80 employees in Singapore, primarily from its technology and operations departments, as the London-headquartered bank begins relocating certain roles to India. The job cuts come amid the bank’s wider restructuring under its “Fit for Growth” cost-saving initiative aimed at trimming US$1.5 billion (S$2 billion) in expenses between 2024 and 2026.

According to a 12 June article by eFinancialCareers, which first broke the news, sources within the bank stated that the offshoring of roles to India is “likely only the start”, hinting at further cuts or relocations in the coming months. The layoffs are understood to be part of an ongoing effort to streamline operations and improve cost-efficiency, particularly by leveraging the bank’s global service hubs in lower-cost markets such as India.

In response to media queries, Standard Chartered provided a statement to Vulcan Post, noting, “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.”

Despite the statement affirming Singapore’s continued importance in the bank’s global footprint, the redundancies signal a broader strategic shift in operational focus, with India emerging as a preferred hub for key backend functions, especially in tech and process management.

The layoffs are part of Standard Chartered’s “Fit for Growth” programme, a three-year strategic initiative launched to deliver US$1.5 billion in cost savings by 2026, with the majority of the savings expected to materialise in 2025. The bank has already achieved US$405 million in savings during the first quarter of 2024, leaving close to US$1 billion in projected reductions still to be made over the next two years.

The move mirrors actions taken by the bank in late 2024, when it cut 100 roles across Singapore, London, and Hong Kong, signalling a multi-regional optimisation strategy rather than a location-specific downsizing. That round of layoffs was part of the bank’s earlier US$1 billion savings target for 2024, further illustrating its push towards leaner operations and increased profitability.

India: A Growing Back-Office Powerhouse

India has increasingly become a hub for multinational banks looking to reduce operational costs while maintaining access to highly skilled tech and support talent. Standard Chartered already has a significant presence in India through its Global Business Services (GBS) centre, which handles a wide range of activities including technology development, operations, risk management, and compliance.

By relocating jobs to India, the bank can reduce expenses while maintaining a high level of service delivery—a move that is both financially strategic and operationally sustainable, according to industry analysts. The shift also places India in a more central role in supporting the bank’s digital transformation agenda, which requires scalable, cost-effective tech infrastructure.

While the cost-saving measures may be strategically sound from an institutional standpoint, the impact on affected employees in Singapore is significant. The bank has not disclosed details regarding severance packages or redeployment options for the laid-off staff.

This development reflects a broader trend within the global banking sector, where firms are increasingly offshoring roles to manage margins in a tightening economic environment, all while making substantial investments in digital and AI-driven solutions.

Despite the cuts, Standard Chartered maintains that it is committed to Singapore as a regional headquarters and innovation hub. However, the message from the recent developments is clear: cost efficiency and technological scalability are driving major shifts in workforce deployment across geographies.