SINGAPORE, June 19 -- Standard Chartered has laid off about 80 employees in Singapore, with many roles from its technology and operations teams being offshored to India, according to a report by financial careers site eFinancialCareers.

The London-based bank's latest round of job cuts comes under its global "Fit for Growth" cost-saving programme, which aims to return US$1.5 billion (RM6.38 billion) to shareholders.

This move could mark just the beginning of deeper restructuring, as "sources at the bank in Singapore said the 80 jobs currently being offshored to India are likely only the start".

Responding to queries from The Straits Times, a Standard Chartered spokesman said: "Singapore remains a critical centre for their global busines...