Standard Chartered said to cut private equity workforce

Axe In Wood

12% to go.

Standard Chartered bank plans to cut about 12% of the workforce at its private-equity unit, said two people with knowledge of the matter.

Bloomberg reports that the reductions will be spread among senior and junior employees and bring headcount at the division to about 100, said the people, who asked not to be identified because the details are confidential.

Most of the job losses will come in Asia, one of the people said.

Chief Executive Officer Peter Sands said this week he’s reviewing the bank’s businesses and will cut back or withdraw from less-profitable areas. Standard Chartered doesn’t expect to hit a target of 10% revenue growth for a 'couple of years', he said.

'There are pieces of our portfolio, whether very small geographies, or businesses that lack strategic synergies with other parts of the bank, that we are evaluating very carefully', Sands told analysts and investors at an 11th November presentation in London.

To access the complete Bloomberg article hit the link below

Standard Chartered Said to Cut 12% of Private Equity Workforce

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