A DBS (top) and Standard Chartered bank logo (C) are seen on the building at Marina Bay financial district in Singapore on Jul 21, 2016. (Photo: ROSLAN RAHMAN/AFP)
SINGAPORE/HONG KONG: Standard Chartered is set to cut about a tenth of its global corporate and institutional banking headcount, sources with direct knowledge of the matter told Reuters on Monday (Nov 28) as the bank keeps up an aggressive drive to cut costs.
Standard Chartered Chief Executive Bill Winters this month branded the bank’s income and profit unacceptable, as below-forecast third-quarter results underlined the challenges facing his overhaul.
The job cuts will be rolled out beginning this week across all the bank’s major business in Singapore and Hong Kong in Asia, one of the sources told Reuters. All the sources declined to be named as they were not authorised to speak to the media.
“We are making our corporate and institutional banking division more efficient,” a Standard Chartered spokesman said, without revealing how many jobs are to be axed.
“Removing duplication in roles and managing our costs to protect planned investments in technology and people means that a small number of existing roles will be impacted.”
(Reporting by Anshuman Daga and Sumeet Chatterjee; Editing by Denny Thomas and Clarence Fernandez)
Tags: Asia, Singapore, banking, banks, Hong Kong, cost cutting, Standard Chartered, Bill Winters, job cuts, Standard Chartered Chief Executive Bill Winters, investments in technology, Removing duplication, managing costs