Standard Chartered to cut headcount in Singapore

A Singapore spokesperson tells HRM Asia the job cuts will affect only the Corporate and Institutional Banking division, which forms the bulk of its Singapore workforce. 

Standard Chartered Bank will be lowering the global headcount of its Corporate and Institutional Banking (CIB) division by 10%.

A Singapore spokesperson tells HRM Asia the exercise is part of the 15,000 gross headcount reductions over three years it had outlined in November 2015.

In Singapore, where the bank employs 7,000 employees, job cuts will be rolled out this week.

“We are making our Corporate & Institutional Banking division more efficient, better able to serve our clients and ultimately to increase returns in line with the commitments made to shareholders in November 2015,” said the spokesperson.  

“Removing duplication in roles and managing our costs to protect planned investments in technology and people means that a small number of existing roles will be impacted.”

The spokesperson added that the organisation will continue to move investment to where it can generate the greatest returns and focus on markets which offer the greatest opportunity.

As such, part of the restructuring exercise also involves diversifying its client portfolios and improving lending processes.

Standard Chartered Singapore employs the most number of employees across all offices in Asia Pacific, according to Head of HR Charlotte Thng. The CIB division also forms the bulk of the Singapore workforce.

Asked previously about how the bank is coping with the challenges of a slowing economy, Thng told HRM Asia that it “doesn’t see it as a challenge because it is part of life and part of a common denominator for all banks”.

She added that for Standard Chartered, forward planning is key.

“If we’re really good at workforce planning, then we know what's anticipated, we know where we invest our business – how can we reduce headcount from here and there,” said Thng. 

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