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Standard Chartered to cut 15,000 jobs | Canindia News

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Standard Chartered to cut 15,000 jobs

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CanIndia New Wire Service 0 comments

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London, Nov 3 (IANS) Standard Chartered PLC, a Britain-based banking group, on Tuesday announced it would cut 15,000 jobs by 2018 and raise 3.3 billion pounds ($5.1 billion) to make it a “more profitable bank”, a media report said.

The job cuts will be part of a restructuring programme to take place over the next three years, Xinhua reported.

The British bank gave few details about the staff reductions.

The restructuring plan was announced after a “disappointing” third-quarter loss.

The bank posted its pre-tax quarterly loss of $139 million compared to a $1.53 billion profit a year earlier.

Group Chief Executive Bill Winters said: “The business environment in our markets remains challenging and our recent performance is disappointing.”

“Today we have announced a strategy that makes big changes to how we will manage ourselves going forward. We are positioning the group for improved return on equity on a strengthened capital base,” said Winters.

Besides, the London-listed company will invest more than $3 billion over the next three years into strategic opportunities, delivering new technology, and upgrading our regulatory and conduct systems.

Winters said: “This comprehensive programme of actions will result in a lean, focused and well capitalized international bank, poised for growth across our dynamic and growing markets in Asia, Africa and the Middle East.”

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