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Standard Chartered Lays off Vacancies in Its India Retail Banking Business

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Standard Chartered Plc cut jobs in its Indian retail banking business, citing users’ switch to mobile and internet transactions. “A small number of retail banking roles have fallen away,” the London-based lender said in an email. “We are working closely with these employees and relevant parties on existing opportunities and fair separation packages, as well as offering outplacement services.”

Standard Chartered declined to disclose the number of jobs affected, while Reuters, which reported the move earlier, said the firm laid off more than 200 retail banking employees.

The layoffs come at a time the bank is attempting to address investor concerns such as rising expenses and an about 40% decline in the share price since Bill Winters became chief executive officer in June 2015. Winters said in October that the firm was working on a three-year plan to improve performance.

The bank is also cutting jobs in Dubai and key markets including Singapore, including some senior roles, people familiar with the matter said earlier this month. As many as 100 positions may be impacted in Dubai although the number hasn’t been finalized, two of the people said. The bank had about 86,000 employees at the end of June.

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