StanChart to cut 10% of corporate, institutional banking staff

[SINGAPORE] Standard Chartered is set to cut about a tenth of its global corporate and institutional banking headcount, sources with direct knowledge of the matter told Reuters on Monday, as the bank keeps up an aggressive drive to cut costs.

Standard Chartered Chief Executive Bill Winters this month branded the bank's income and profit unacceptable, as below-forecast third-quarter results underlined the challenges facing his overhaul.

The job cuts will be rolled out beginning this week across all the bank's major business in Singapore and Hong Kong in Asia, one of the sources told Reuters. All the sources declined to be named as they were not authorised to speak to the media.

"We are making our corporate and institutional banking division more efficient," a Standard Chartered spokesman said, without revealing how many jobs are to be axed.

"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."

REUTERS