While a final number has yet to be determined, the total job reductions could exceed 100
SINGAPORE: Standard Chartered has begun laying off employees across Singapore, London, and Hong Kong as part of an ongoing cost-cutting initiative, according to a report by Bloomberg News.
, according to sources familiar with the matter who spoke to Bloomberg. The bank has apparently already started trimming roles in middle-office functions, including human resources and digital transformation, primarily in Asia over the past few weeks. Standard Chartered’s cost-cutting measures are in line with similar actions taken by other banking conglomerates. Goldman Sachs is expected to reduce approximately 250 jobs in the coming weeks, while JPMorgan Chase plans to cut around 500 employees, as per a Reuters report that was published in May.
The rise in interest rates contributed to higher income from the bank’s cash management and retail banking businesses. Pre-tax profit for the January-March period reached US$1.81 billion, marking the bank’s largest first-quarter profit in nine years, compared to US$1.49 billion the previous year.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Superman' spotted in Singapore! - Singapore NewsThe fast pace of his walk, set to the iconic “Superman” theme music, he was ready to fly up, up, and away!
Read more »
British tabloid The Sun still hasn't corrected report mistaking Singapore for China - Singapore NewsThe first article, entitled 'Lewis Hamilton should only go to Ferrari if they almost double his salary in mammoth offer claims F1 expert,' was published on June 1 and featured a graphic of the F1 calendar. The graphic showed China's flag next to the Singapore Grand Prix.
Read more »
GM will adopt Tesla's North American charging standard:General Motors will join Ford in adopting Tesla's North American charging plug standard and give GM electric vehicle buyers access to the Tesla SuperCharger network under an agreement announced on Thursday by GM CEO Mary Barra and Tesla chief Elon Musk.GM's move, which follows a similar decision by Ford to e
Read more »
Tesla jumps as GM deal makes its charging network closer to US standard:Tesla shares were up 5 per cent on Friday after General Motors joined Ford in agreeing to use its electric-vehicle charging network, a big win that analysts said could make Tesla Superchargers an industry standard in the United States.The rare partnership among three of the biggest U.S. automakers ensures th
Read more »
Stories you might’ve missed, June 8 - Singapore NewsHere are the top stories published today...
Read more »
RDU calls for by-election as Tharman Shanmugaratnam is Jurong GRC's minority MP - Singapore News'In light of this, we call upon the Prime Minister of Singapore to respect the rule of law and promptly call for a by-election whenever a vacancy arises, particularly in GRCs,' the party said
Read more »