Read full article. Standard Chartered Bank Ghana has dismissed reports in the media suggesting a lay-off of over 600 workers in June 2019. The bank expanded fast in the last decade growing its headcount rapidly to around 86,000 worldwide. Standard Chartered Plc is set to begin a new round of job cuts, joining rivals such as Deutsche Bank AG and HSBC Holdings Plc in restarting reductions put on hold at the outset of the pandemic. “A small number of roles are being made redundant in line with our commitment to transforming the bank and ensuring its future competitiveness,” according to a statement from the bank. The move has been initiated by the bank’s parent company based in London as it consolidates its global operations. said on Tuesday that it had no plans to axe jobs despite global cost-cutting by banks struggling to survive the financial crisis, but warned that 2009 would be a … Locations likely impacted include London, New, York and Singapore, people familiar with the plan said. The move will directly affect close to 300 employees who work at the centre. Other European banks that have already cut jobs or could consider cuts include Credit Suisse Group, Deutsche Bank AG, Royal Bank of Scotland Group and Barclays. It is reported that the bank is considering laying off about 200 employees ranging from senior managers, middle managers as well as junior staff but mostly to be affected are senior managers. Read also: VIDEO: I once withdrew $10m from a bank just to be sure I am rich- Dangote. Standard Chartered PLC Layoffs(Job Cuts) History with timeline, layoff counts, percentages, insights and job cuts with COVID-19, latest 2020 info Do you have a story to share with us? Standard Charted Bank Ghana has moved swiftly to deny reports in the media that they are looking at laying off some 600 staff. Standard Chartered Bank Kenya has announced plans to shift part of its operations from Nairobi, to India, as part of plans to restructure its operations. UPDATE 1-StanChart says no layoff plans; challenges ahead. At the time of going to press Standard Chartered bank had not responded to this publication’s questionnaire. Gaborone International Commerce Park All Rights Reserved - Primenewsghana.com. Inbox us on our Facebook/Instagram page and we could feature your story. In a statement Standard Chartered Bank Kenya and East Africa Chief Executive Officer Lamin Manjang said the bank would absorb part of the affected staff through the bank’s global operations, with most likely to be laid off. Speaking in an interview... Thamaga Police and residents are searching for a taxi driver after his car was swept away by a strong current along Metsimotlhabe... 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She said as the union they are very worried about the secrecy surrounding the restructuring process because the bank is not clear on how the exercise will be conducted as well as how many people will be affected. - StanChart has refuted media reports suggesting they are closing three branches, - According to the bank, it is not laying off 600 workers like it's been peddled. HONG KONG - UK bank Standard Chartered Plc. London-headquartered Standard Chartered is planning to do away with a quarter of its senior staff resulting in about 1,000 job cuts worldwide in response to pressure from its investors. “For those that will not be redeployed, a redundancy exercise will be carried out in line with local labour laws,” the bank said in a statement. We have already acted to reduce management layers, and a result will have up to 25% fewer senior staff," Standard Chartered said in an e-mailed statement. Business & Economy section is brought to you by, Leave your email to receive our newsletter, Get the news that matters from one of the leading news sites in Ghana, Drop your mail and be the first to get fresh news, McBrown's husband and daughter stun fans in fresh adorable photo, Viral 'doctor' captured weeping over heartbreak finally speaks; says they've dated for 8 years, Celebrity endorsement: Actress Emelia Brobbey pops up with her decision, SHOCKING: See what doctor & girlfriend were doing before it ended in big tears, Mahama's promise on the financial sector unrealistic - Kofi Amoabeng fires at NDC flagbearer, “I think about jail term” - Kofi Amoabeng confesses amid seizure of mansion and UT Bank brouhaha, Shatta Wale's girl causes stir with latest bathroom video, Tackling unemployment: Government to introduce youth in streetlight fixing but expert issues caution. Through the restructuring process, the bank will shift its shared services centre to Chennai India. And these branches are Westlands and Tudu and let me quickly make this very clear that we don’t have any branch at Taifa at all.”, Ghana News Today: WAEC Warns WASSCE Candidates of Fake Exams Questions on Social Media | #Yencomgh, READ ALSO: 29-year-old national service personnel remanded over alleged fraud. Information reaching this publication suggests that tempers flared at Gaborone City Town hall on Thursday evening when the staff was briefed about the retrenchment that is expected to commence sometime early next year. Standard Chartered Bank Ghana has dismissed reports in the media suggesting a lay-off of over 600 workers in June 2019. Gaborone, Botswana, Ngilichi House (Meriting Spar), Unit 6, Francistown. Head, Retail Banking, Ghana and West Africa Henry Baye said the total number of retail staff of the bank falls far below the 600 staff that is being speculated. The consequence of leveraging on technology is the fact that you don’t require as much human labor as before,” KBA CEO Habil Olaka said. Focused on markets in Asia, Africa and the Middle East, the lender has faced pressure from investors to reduce costs to improve returns to boost its share price. The group has made substantial investments in Africa in the last year, and Africa is now at the front of the queue for future investments,” Mr Manjang said. Deutsche Bank ended a hiatus on staff dismissals in May. He halved the bank's dividend to save about $1bn 652m, €880m) and has pledged to reduce risk-weighted assets by about $30bn. All rights reserved. The migration is expected to take eight months and be completed by June 2017. The whole of the retail banking in Ghana put together, the staff is not up to 600 so the maths does not add up.” he told Joy FM. Standard Chartered is channelling a “greater proportion” of its investments into “strategic initiatives including digital capabilities”, according to its Q3 report. Botswana Bank Employees Union BOBEU says it is worried about the secrecy surrounding the retrenchment. StanChart is a leading international banking group, with a presence in 60 of the world’s most dynamic markets, and serving clients in a further 85.The bank’s purpose is to drive commerce and prosperity through its unique diversity, and its heritage and values are expressed in its brand promise, Here for good. BOBEU requested a meeting with the bank after hearing such allegations but failed to provide us with concrete answers,” she said. The Bank also denied it is closing three of its branches. 4 Min Read He added that the total number of retail staff of the bank falls far below the 600 staff that is being speculated. The whole of the retail banking in Ghana put together, the staff is not up to 600 so the maths does not add up.”. Watch: Bill Winters, chief executive officer at Standard Chartered Plc, discusses the potential for worldwide job cuts in an effort to reduce costs. The bank will also sell assets and cut clients as part of the plan. Job cuts at the lender had been put on hold early on during the Covid-19 outbreak, with the bank saying it did not “intend to make any layoffs because of the pandemic.” Those losing their jobs will continue to be paid until the end of the year in addition to receiving a severance payment, according to the statement. Source: Myjoyonline.com.Source: UGC, READ ALSO: Staff of Mövenpick hotel lay down tools over unfair treatment and abuse from management. Under Chief Executive Officer Bill Winters, who celebrated his fifth anniversary at the bank last month, Standard Chartered has undergone a radical revamp that’s shrunk middle management and invested billions of dollars in improving its technology. “It is unfortunate that it appeared that the representatives seemed to be hiding information from. © 2016 - 2020. This comes barely a year after the bank laid off close to 167 employees as StanChart plc began merging most of its business operations. The London-headquartered firm has drawn up lists of several hundred employees it plans to eliminate and a cutback program is set to get underway, according to a person familiar with the situation. "With enhanced digital capabilities, we are seeing a significant increase in adoption of digital channels by our retail banking customers, primarily through the net and mobile banking. Standard Charted Bank Ghana has moved swiftly to deny reports in the media that they are looking at laying off some 600 staff.
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