StanChart sees more cost cuts, but plans for growth in Singapore

Singapore

STANDARD Chartered is doubling down on its restructuring with more cost cuts that may involve shaving jobs. But, the bank also has plans for growth in Singapore and said it would grow its affluent clientele and put more money behind digitalisation, among other strategies.

Singapore chief executive Patrick Lee laid out new targets for the bank in Singapore in his first media interview since assuming the mantle in July 2018. The bank is aiming for 9 per cent per annum growth in operating income. By 2021, it also wants to raise underlying returns on equity to 10 per cent, from 6.1 per cent in 2018.