StanChart Singapore to hire more wealth bankers amid global cuts; impact on other roles still unclear

[SINGAPORE] Standard Chartered will continue to hire relationship managers in Singapore, despite plans to reduce its global headcount.

The lender said at its investor event on Tuesday (May 19) that it plans to cut more than 15 per cent of its global corporate function headcount by 2030, as it counts on artificial intelligence (AI) and automation to drive productivity gains.

The reduction would translate into a loss of more than 7,000 roles from its global workforce of about 80,000 employees.

According to the bank’s website, there are around 9,000 employees in Singapore, accounting for about 10 per cent of the global account. StanChart did not provide comment on how many of the roles cut may be from its Singapore office.

“In Singapore and Asean, we remain committed to invest to support business growth, in line with global aspirations. We will continue to hire more relationship managers, accelerate product innovation, improve our digital and client experience, as well as upgrade and launch new client centres,” a StanChart spokesperson said in response to questions from The Business Times on how Singapore may be affected by the change.

The hiring push for relationship managers comes in line with news from other banks in Singapore as wealth management becomes a key growth driver.

OCBC’s Hong Kong franchise announced last Friday that it will hire 30 to 50 wealth management relationship managers in 2026, raising headcount by at least 30 per cent as it ramps up its wealth business. UOB also said on May 7 that it plans to expand hiring for relationship managers.

“Overall, this aligns to government’s workforce transformation plans as we leverage technology to scale automation, analytics and AI to improve how we serve our clients and invest in reskilling capabilities and redeploying initiatives,” the StanChart spokesperson said.

The London-headquartered bank, which derives most of its income from Asia, also said at the investor event that it is aiming for a lower cost-to-income ratio of 57 per cent by 2028, down from 63 per cent in 2025. 

In addition, StanChart is aiming to lift its return on tangible equity (RoTE) – a key profitability metric for banks – to more than 15 per cent, before reaching about 18 per cent by 2030. Its RoTE stood at 11.9 per cent in 2025.

The bank’s shares listed in Hong Kong was up 2.9 per cent, or 5.6 HKD, at 202.2 HKD as at 2.30pm in Singapore.