Standard Chartered Bank (StanChart) has kicked off its
third round of VRS, wherein the bank proposes to cut 1,700
jobs. This would reduce the banks workforce by one-third.
VRS is aimed at staff members who are less than 40 years of age or
have put in less than 10 years of service.
banks first and second VRS, 574 and 390 staff members
respectively had accepted the banks scheme. However, the first
two retirement schemes were extended only to the staff members of
ANZ Grindlays Bank, which had merged with StanChart. The present
scheme is targeted at both StanChart as well as the staff members
of ANZ Gridlays Bank.
may also consider a fourth VRS, exclusively for StanCharts
non-management staff, as they had not participated in the first
The job cuts
are aimed at cutting down flab as the bank has identified surplus
staff at various levels. Along
with this, the bank, which is also reorganising its branch network,
is planning to close down seven branches and sell three branches
to other banks.