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StanChart to cut 10 percent of corporate, institutional banking staff - sources

Reuters  |  SINGAPORE/HONG KONG 

SINGAPORE/(Reuters) - Standard Chartered is set to cut about a tenth of its global corporate and institutional headcount, sources with direct knowledge of the matter told Reuters on Monday, 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 and 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 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)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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StanChart to cut 10 percent of corporate, institutional banking staff - sources

SINGAPORE/HONG KONG (Reuters) - 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, as the bank keeps up an aggressive drive to cut costs.

SINGAPORE/(Reuters) - Standard Chartered is set to cut about a tenth of its global corporate and institutional headcount, sources with direct knowledge of the matter told Reuters on Monday, 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 and 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 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)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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StanChart to cut 10 percent of corporate, institutional banking staff - sources

SINGAPORE/(Reuters) - Standard Chartered is set to cut about a tenth of its global corporate and institutional headcount, sources with direct knowledge of the matter told Reuters on Monday, 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 and 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 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)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22