A few managing directors in financial markets have also been cut in London, according to one of the people. Some junior staff will be let go as well, another person said. The total reductions could be more than 100, although a final number has yet to be decided, the people said.
Standard Chartered Plc is embarking on selective lay-offs of employees across its Singapore, London and Hong Kong hubs, part of the Asia-focused lender’s existing plan to cut costs by more than US$1 billion ($1.35 billion) through 2024.
The bank has started trimming roles in middle office functions including human resources and digital transformation in Asia in the last few weeks, according to people familiar with the matter, who asked not to be identified as the information is private.
