You are here
Standard Chartered said to plan about 1,000 senior staff cuts
[LONDON] Standard Chartered chief executive officer Bill Winters is planning to cut about a quarter of senior staff, resulting in about 1,000 job cuts worldwide, to help reverse a two-year profit slide at the emerging markets- focused lender, according to a person with knowledge of the decision.
The bank plans to eliminate some of the 4,000 staff who are graded in bands one to four, ranging from board members to managing directors, Winters said in a memo to staff on Wednesday, said the person, who asked not to be identified because the decision is private. The bank will also sell assets and cut clients as part of the strategic review, according to the person.
"Bill's note to staff earlier this week is an update on what we said we were going to do," Standard Chartered said in an e-mailed statement on Friday. "In it, he has made it clear that kickstarting performance is a priority, and we are not standing still. On headcount, as we have said previously, when we announced the management team and organizational changes in July, we indicated that there would be further personnel changes to come, as we simplify our organizational structure." Standard Chartered will cut as many as 250 of about 1,000 managing directors worldwide, two people familiar with the matter said Sept 4. Reuters reported the news earlier.
Winters will update the market on his strategic review in the coming months, according to the statement.