Standard Chartered to axe 2000 jobs

Pulling Hair

Another 2,000.

Standard Chartered is closing its institutional equities business and plans to cut 2,000 more staff as CEO Peter Sands tries to turn the bank around.

Bloomberg News reports that shutting the loss-making cash equities, equity capital market and equity research operations will result in about 200 job losses and save $100m in 2016, the bank said in a statement today. It will keep convertible bonds and equity derivatives businesses, and economic and fixed-income research.

Sands, who turns 53 today, plans to cut $400m of costs this year to stem profit declines that led the shares to plunge the most in six years in 2014. 

To access the complete Bloomberg News article hit the link below:

Standard Chartered to Close Cash Equities, Cut 2000 Jobs

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