Standard Chartered Plc has laid off over 200 employees in India in its retail banking division, as per a Reuters report. The move comes as more and more customers move to unassisted digital services.
In an email to Reuters, the bank stated that it is working with the affected employees on existing opportunities, outplacement opportunities, and fair severance packages.
“We have been working on multiple initiatives, including digitization, to drive performance. With enhanced digital capabilities, we are seeing a significant increase in adoption of digital channels by our retail banking customers, primarily through the net and mobile banking,” the bank said.
However, the layoffs would not result in any branch closures in the country, as per the report.
The affected cuts are expected to bring down the current employee strength from 7,300 to 7,100. Most of the jobs being axed are at the lower level.
The bank further added that retail banking is core to the bank’s strategic ambitions and growth plans. But with the significant increase in the adoption of digital channels by its retail banking customers, a small number of retail banking roles have fallen away.
These cuts follow closely on the heel of the cuts the bank announced this month in Dubai and key markets including Singapore in order to cut down expenses. The cuts come as Standard Chartered Chief Executive Officer Bill Winters is looking for ways to spur growth and formulating a plan to simplify its structure, reduce its funding expenses and free up liquidity.
While the cuts will help the bank to reduce expenses, they are also a reminder of how quickly technology is changing the nature of our jobs and how critical it is for organizations to future-proof their employees.