Standard Chartered plans to cut half of its existing office space in Singapore’s financial district in what is set to be the biggest floor reduction by a bank in the city-state in recent years.
The London-based lender is giving up nine of the floors it leases at Marina Bay Financial Tower 1 in the business district. Bloomberg previously reported that the bank was considering slashing its office space by at least four floors.
With the downsize, bankers may not have their own desks and may have to reserve their spots before coming to the office, sources said. The lender’s current lease expires in October this year.
“With 80 per cent of our Singapore-based employees adopting flexible work arrangements, we are reinvesting in and refreshing our premises to create a more open, conducive and collaborative environment,” a Standard Chartered representative said.
Singapore is a critical global centre for the bank and it retains a significant presence in buildings in the city, including Marina Bay Financial Centre, the bank's representative said.
Lenders worldwide are debating whether to ask workers to return to the office in a bid to live with the coronavirus pandemic, now in its third year.
Only 3 per cent of white-collar workers want to go to the office five days a week, according to a recent poll, which warned employees will quit if bosses force them back full-time.
The downsizing of Standard Chartered’s Singapore workplace makes it the biggest office space cut among lenders in the city in recent years.
Citigroup has already given up three of its office floors to Amazon while Mizuho Financial Group has also cut some space.
Prime-grade office rents in Singapore’s financial district rose for a third straight quarter in the first three months of this year, according to a Knight Frank report.
Rents inched up 1.2 per cent from the previous quarter, the report said.
More people are expected to return to offices after Singapore massively eased virus curbs late last month, allowing up to 75 per cent of employees working from home to go back.
Match info
Uefa Champions League Group H
Juventus v Valencia, Tuesday, midnight (UAE)
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
All%20The%20Light%20We%20Cannot%20See%20
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ESteven%20Knight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EMark%20Ruffalo%2C%20Hugh%20Laurie%2C%20Aria%20Mia%20Loberti%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E1%2F5%C2%A0%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
