Standard Chartered is cutting Singapore jobs as it offshores to India

by results, Standard Chartered said it had achieved $405m of savings from its "Fit For Growth" program, implying there is still $1bn to go.

A spokesman for the bank said: "We continually look to enhance our operations to serve our clients better. As a global firm, we maintain a dynamic blend of world-class local talent in our key markets, including Singapore, and leverage the multi-disciplinary expertise housed in our global business service hubs. Singapore remains a critical centre for our global businesses and technology and operations teams."

Sources at the bank in Singapore said the 80 jobs currently being offshored to India are likely only the start.