Standard Chartered is making a new round of job cuts to usher in the new year, and the staff working in Singapore are getting jittery over the news and the security of their employment.
The London-based bank has been reported to be shutting down their global equities business, causing a loss of over 200 jobs in Asia, along with an internal memo that stipulated that the bank will be laying off around 4,000 retail banking jobs worldwide.
According to Straits Times, the global job cuts will have minimal impact in Singapore. Currently there are about 7,000 Standard Chartered employees here.
Speaking to the newspaper, a spokesman for the bank maintains that Singapore has been identified as a strategic high-growth city, and that they will continue investing in the country.
With the closure of their loss-making equities business, the bank will save about US $100 million by next year, while retail banking job cuts will ensure another US $200 million in savings.
Photo: William Cho via Flickr
Standard Chartered is making a new round of job cuts to usher in the new year, and the staff working in Singapore are getting jittery over the news and the security of their employment.
The London-based bank has been reported to be shutting down their global equities business, causing a loss of over 200 jobs in Asia, along with an internal memo that stipulated that the bank will be laying off around 4,000 retail banking jobs worldwide.
According to Straits Times, the global job cuts will have minimal impact in Singapore. Currently there are about 7,000 Standard Chartered employees here.
Speaking to the newspaper, a spokesman for the bank maintains that Singapore has been identified as a strategic high-growth city, and that they will continue investing in the country.
With the closure of their loss-making equities business, the bank will save about US $100 million by next year, while retail banking job cuts will ensure another US $200 million in savings.
Photo: William Cho via Flickr