Asia-focused banking group Standard Chartered is cutting about 10 percent of its global corporate and institutional banking jobs, reports say. The job losses at the bank follow a 7.5 percent fall in corporate and institutional revenue in the last quarter. The substantial fall in revenues was called unacceptable by chief executive Bill Winters.
The job cuts will include senior level employees as well, with about 10 to 15 managing directors set to leave the corporate finance business, sources said. Most of these job losses will be in the Singapore office, Bloomberg reported, citing sources. The cuts will roll out this week, sources said, starting with Singapore and Hong Kong offices.
News agencies cited sources having confirmed the job losses at the bank though there has been no official announcement yet. The job reductions at the bank, which has been aggressively cutting costs, are part of 15,000 job-cut programme unveiled last year.
An emailed statement to Bloomberg said the bank is driving a cost efficiency programme. "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," the statement said.
Standard Chartered chief executive Bill Winters unveiled a blueprint of changes in the bank in December which laid out a plan to save $2.9 billion by 2018.
Standard Chartered has around 84,500 employees as of June 2016.