Standard Chartered Lays Off Over 200 Employees In India Unit: Report

INSUBCONTINENT EXCLUSIVE:
Standard Chartered layoffs would not result in any branch closures in the country, said report.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
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 digitisation, 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 on Thursday.(: Stanchart Raises Crude Oil Forecasts For 2018, 2019)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.