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COVID-19 impact | Standard Chartered to lay off hundreds worldwide

Those losing their jobs will continue to receive the salary until the end of 2020 in addition to a severance payment

July 30, 2020 / 09:36 AM IST
Representative image

Representative image

Standard Chartered PLC is in the process of beginning a fresh round of layoffs. The London-based lender has drawn up lists of several hundred employees who will be let go. Moreover, a cutback programme is also underway. The company employs about 85,000 people worldwide.

"A small number of roles are being made redundant in line with our commitment to transforming the bank and ensuring its future competitiveness," the bank said in a statement. "This is not the result of any impact from the COVID-19 pandemic," it said, as per a report in LiveMint.

Those losing their jobs will continue to receive the salary until the end of 2020 in addition to a severance payment, the statement said.

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The lender put job cuts on hold earlier. The bank said it did not "intend to layoff employees because of the pandemic."

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COVID-19 Vaccine

Frequently Asked Questions

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A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

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Locations likely to be impacted by the layoffs include London, New, York and Singapore.

The lender is reportedly facing pressure from investors to reduce costs to improve returns to boost its share price

HSBC told staff in June it would resume a plan to reduce its workforce by 35,000, having originally said it would pause redundancies.

Click here for Moneycontrol's full coverage of the COVID-19 outbreak
Moneycontrol News
first published: Jul 30, 2020 09:36 am

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