Standard Chartered axes over 200 jobs in India: source

A logo of Standard Chartered is displayed at the financial Central district in Hong Kong, China November 23, 2017. REUTERS/Bobby Yip

(Reuters) – Standard Chartered Plc has laid off over 200 employees in India in its retail banking division, as more customers move to digital services, a person familiar with the matter told Reuters on Thursday.

The layoffs would not result in any branch closures in the country, according to the source.

The bank is working with the affected employees on existing opportunities and fair severance packages, Standard Chartered told Reuters in an email.

“We have been working on multiple initiatives, including digitization, to drive performance. 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,” the bank said.

Reuters last week reported similar job cuts at the bank’s operations in the United Arab Emirates, as more customers shift to online banking services.

Standard Chartered has also been reducing headcount within other sectors of the bank, including corporate and commercial divisions, as part of a global-shake up, sources told Reuters last week.

Reporting By Aparajita Saxena and Sangameswaran S in Bengaluru; Editing by Shounak Dasgupta

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