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Standard Chartered's headcount fell by around 800 in the first quarter as the Asia-focused bank reasserted its intention to keep a lid on costs in the face of inflationary pressures.
In a trading statement ahead of its annual general meeting on Thursday, the bank, which employs around 85,000 globally, said headcount fell slightly in the first quarter of 2011 as it maintained a “firm grip on expenses”.
A spokesperson for the bank said the slight fall was part of a drive to keep staff costs inline with income. He added that the bank still expected the total headcount to be up by around 1,000 over the year.
Last year, cost growth exceeded income growth as the firm hired a total of 7,000 new staff, including relationship managers and frontline staff, and opened new branches. At the time it also raised its concerns about increased regulatory and compliance costs, and the rise in wages that had resulted from increased competition for staff.
Double-digit growth
On Wednesday, Standard Chartered said it had seen year-on-year double-digit income growth in the first quarter, with momentum spread across both the consumer and wholesale banking divisions.
As a result of strategic changes brought about in 2010, the consumer banking division was making a larger contribution to profits than before.
“Standard Chartered has enjoyed an excellent start to 2011 with good momentum in both businesses,” said the Chief Executive, Mr Peter Sands.
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