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StanChart targets the wealthier in retail bank revamp

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Published Mon, Feb 9, 2015 · 09:50 PM

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    Hong Kong

    STANDARD Chartered plc (StanChart) will shift its retail bank's focus from mass market to affluent customers and urge more clients to go online as part of a broader restructuring, a senior executive told Reuters.

    StanChart's retail business is one of the first divisions the Asia-focused lender has targeted with cuts, announcing last month it would axe 4,000 retail jobs or 5 per cent of its global workforce and close 80 to 100 branches.

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