Standard Chartered to lay off employees as part of cost cuts: Report

Standard Chartered is starting to lay off employees across Singapore, London, and Hong Kong hubs as part of an existing plan to cut costs by more than $1 billion through 2024, Bloomberg News reported on Wednesday.

The British bank had previously said that it aims savings of $1.3 billion under a cost-efficiency program.

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The total reductions could be more than 100, although a final number has yet to be decided, the report said, citing people familiar with the matter.

“It is part of normal business activity to review our role requirements on an ongoing basis across the bank,” a spokesperson for the British lender told Reuters in an emailed statement.

The London-listed bank’s move is the latest among big banks cutting jobs.

Goldman Sachs is expected to reduce just under 250 jobs in the coming weeks, while JPMorgan Chase & Co is cutting about 500 employees, Reuters reported in May.

Separately, Standard Chartered earlier this year sold its Jordanian business to Arab Jordan Investment Bank (AJIB) as the lender pressed ahead with plans to exit seven markets in Africa and the Middle East.

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