Standard Chartered Bank is the latest major bank in Singapore to be considering right-sizing in the City State, following a major downsizing exercise in Hong Kong. This could result in one of the largest reductions in office footprint amongst the major banks in Singapore. They currently occupy a massive 420,000 sq ft of office space in Marina Bay Financial Centre Tower 1, spread over 21 floors.
One of their options is to cut their space by half, as they explore permanent hybrid work space solutions, combining flexible work space with conventional office space. Currently 80% of the company’s employees in Singapore are on flexible working arrangements.
The bank is also trying to make better use of its large campus style facility in Changi Business Park. A more radical choice would be to just retain four floors at MBFC Tower 1, which would allow them to keep signage rights.
Other major banks undergoing similar ‘right-sizing’ / downsizing exercises is DBS Group Holdings in Marina Bay Financial Centre Tower 3 and Mizuho Financial Group in Asia Square Tower 2. Citibank recently gave up three whole floors in Asia Square Tower 1, but all three floors there were taken up by Amazon.
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