There were big job cuts announced at Standard Chartered Bank (SCB) in 2015.
As per reports, majority of the planned redundancies have been completed at this point, and any further cuts to headcount will be due to normal attrition.
The bank’s CEO in Singapore, Judy Hsu, told the media, “There’s natural attrition, and as we automate more of our processes, we see less of the low-value added manual work, and we will not be replacing that headcount.”
In November 2015, SCB said that it would cut 15,000 jobs and also exit from businesses where it was not competitive. At that point, the organisation had 86,000 employees globally and was suffering from the slowdown in Asia.
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