Standard Chartered is weighing options to downsize its office space in what could become the biggest floor cuts by a bank in Singapore in recent years, according to people familiar with the matter.

The London-based bank is weighing options that would see it give up some of the 21 floors it leases at Marina Bay Financial Tower 1 in the business district, according to people familiar, who requested not to be named because the matter is private. An option for the bank is to cut a minimum of four floors -- the equivalent of about 80,000 square feet -- one of the people said. The plans are under discussion and subject to change, the people said.

Standard Chartered is among a number of global banks that are moving to permanent hybrid working following the Covid-19 pandemic. Should it proceed with its plans in Singapore, it could be the biggest office space cut among lenders in the city in recent years, mirroring a similar downsizing it’s undertaking in Hong Kong. It will join a list of other global banks like Citigroup, DBS Group Holdings and Mizuho Financial Group.

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