Standard Chartered to cut 10% of corporate banking staff
The Asia-focused bank job cuts will begin the measures this week as it looks to slash costs, Reuters reported.
Standard Chartered swung to a profit in third-quarter results at the start of the month, but chief executive Bill Winters said that income and profit levels were not up to scratch but that the "strategic actions" announced a year ago to turn the business around were continuing to be made.
On Monday a spokesman for the company said: "We are making our corporate and institutional banking division more efficient.
"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." ■