StanChart says to exit equity derivatives, convertibles businesses

[HONG KONG] Standard Chartered said on Monday it plans to exit from its equity derivatives and convertible bonds businesses, following a step earlier this year to close the bulk of its global equities operations.

The move is part of a plan to cut costs and focus on using capital more efficiently, it added in a statement. The wind-down will take place "in a phased manner".

Standard Chartered's decision comes several months after the Asia-focused bank unveiled plans to axe thousands of jobs globally as it dismantled its stock broking, equity research and equity listing desks worldwide.

REUTERS