Standard Chartered bank to axe 15,000 jobs in cost-cutting shake-up

Standard Chartered is to slash 15,000 jobs worldwide and is making a $5.1 billion (£3.3 billion) cash-call to investors as part of a major overhaul to shore up the group. The Asian-focused bank announced the staff cuts under plans to make cost savings of $2.9 billion (£1.9 billion) by 2018. Details of its revamp came as the group revealed that it swung into a third-quarter pre-tax loss of $139 million (£90 million), compared with profits of $1.5 billion a year earlier (£972 million).

We will execute as quickly as possible to get through this transition phase, start delivering improved performance, and ensure our people are focused on providing value to our clients across Asia, Africa and the Middle East.

Bill Winters, chief executive of the bank

It declined to break down which regions the latest round of job cuts would impact, although the vast majority of its staff are based across Asia, the Middle East and Africa, with only around 2,000 in the UK. The job losses will be made by 2018, but the group has already started cutting 1,000 senior managers around the world. Recently-appointed group chief executive Bill Winters admitted that the bank’s third quarter performance was “disappointing”. Shares in the bank fell as much as 6% after the third-quarter figures.

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