The storm of job cuts in the banking sector is not over yet and is now gradually spreading to Asia.。

On June 8, it was revealed that Standard Chartered was embarking on a cost-cutting programme aimed at cutting the bank's costs by more than $1 billion by 2024.。As part of the plan, Standard Chartered will carry out "targeted" layoffs in central Singapore, London and Hong Kong.。

According to people familiar with the matter, the top-down layoff plan has already begun: in the past few weeks, the bank has internally fired several managing directors in the London region, and cut positions in mid-office functions such as human resources and digital transformation in Asia, and more junior employees will be fired in the future, with a total of more than 100 layoffs.。

In response, Standard Chartered said that an ongoing bank-wide review of our job requirements is part of its normal business activities to ensure that the bank is effective in implementing its business strategy and meeting customer needs.。

Coincidentally, Goldman Sachs, a well-known investment bank, is also mulling a new round of layoffs due to the huge operating pressure.。According to sources, Goldman Sachs plans to lay off nearly 250 people across the group, targeting senior management, including managing directors, and is expected to lay off employees in recent weeks.。

Due to the U.S. stock IPO market in 2022 cold, the U.S. investment banks suffered a cliff-like decline in revenue last year, the huge financial pressure had to make these former "Wall Street darlings" on the road to reduce costs and increase efficiency.。Last September, Goldman Sachs announced its first layoffs as part of regular staffing management, and the bank laid off hundreds of employees at the time, causing panic on Wall Street.。In January of this year, Goldman Sachs announced layoffs again, and this time the number of layoffs has increased significantly from the last time, to about 3,200 people, or 6 of the total number of employees..5%。If this layoff plan is put on the agenda again, it will be Goldman's third layoff in less than a year, and the cumulative number of layoffs may exceed 4,000.。

In addition, JPMorgan Chase, also a well-known Wall Street investment bank, recently announced its decision to lay off employees.。It is understood that the bank recently announced that it will cut about 500 employees across the bank, mainly in the technical and operational aspects, involving JPMorgan's major departments, including retail and commercial banking, asset and wealth management, as well as corporate and investment banking.。Not only that, but Komo is also preparing to close 21 branches of the newly acquired First Republic Bank and lay off nearly 1,000 of its employees, or 15 percent of its workforce.。

Under heavy pressure, Morgan Stanley also had to join this vigorous wave of layoffs.。In early May, the bank announced plans to cut about 3,000 jobs in the second quarter of this year, equivalent to 5% of its global workforce excluding wealth management.。It is reported that if the layoff plan is implemented, it will be Morgan Stanley's second round of layoffs in just six months。

In this wave of banking layoffs, the strongest or HSBC。Earlier this month, according to media sources, HSBC plans to cut thousands of jobs worldwide, with a maximum of 20,000 layoffs.。Publicly available data show that HSBC, which had nearly 260,000 employees at the end of last year, has abandoned its target of maintaining a workforce of 240,000 to 250,000 by 2016, set two years ago, due to the rapidly changing nature of bank regulation.。The news also revealed that HSBC Holdings CEO Stuart Gulliver will announce the unprecedented layoffs at an investor conference on June 9.。

Back to this Standard Chartered layoffs, although the bank is based in London, most of its revenue comes from Asia, Africa and the Middle East。Among them, the bank's largest single market is Hong Kong, China, and Singapore is also its business center.。This layoff plan, London, Hong Kong, New Gabi are involved, its operating pressure can be seen.。

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