More junior staff to be laid off at Standard Chartered

This is part of the ongoing restructuring exercise at the Bank that had begun before the pandemic but had been put on hold temporarily

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Standard Chartered will cut more jobs as part of its ongoing restructuring process. This time, more employees at the junior level are expected to go, in a bid to make the London-based bank more competitive in the times to come.

Earlier, in July last year, quite a few senior people had been asked to leave, including the head of its private banking business. The Bank will also witness Bill Winters, its CEO leaving to be replaced by Simon Cooper, who is reportedly the most eligible internal candidate right now.

The Bank has been working towards improving returns and achieving 10 per cent return on equity, but the pandemic had slowed things down. Last year, it was revealed that the Bank was being pressurised by investors to decrease costs and push up its share prices. Starting February, it will resume cutting jobs — a task it had put on hold due to the pandemic— from its 85,000-strong workforce.

In November 2020, Standard Chartered had revealed its intention to offer flexible work models to almost 75,000 of its employees across 55 markets, in the next three years. By 2023, more than 90 per cent of its workforce is expected to follow some hybrid work model, starting next year.

The Bank had undertaken an employee survey wherein it was learned that approx. 60 per cent of its staff was willing to follow a hybrid work model.

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