Standard Chartered said considering taking axe to 25% of Managing Directors

Axe In Wood

The bank has already cut about 4,000 jobs so far this year.

Standard Chartered is considering cutting about a quarter of its senior banking positions as part of a plan by CEO Bill Winters to reverse a two-year profit slide at the emerging markets-focused lender, people with knowledge with the matter said.

Bloomberg News reports that the bank, which makes most of its earnings in Asia, plans to cut as many as 250 of about 1,000 managing directors, two of the people said, asking not to be identified as the information is private. 

Winters, 53, a former co-CEO of JPMorgan’s investment bank, has been seeking ways to restore investor confidence after replacing Peter Sands in June. The bank said last month that it’s on track to cut costs by more than $400m this year as part of plans laid out by Sands to save about $1.8bn through 2017. It has cut about 4,000 jobs so far this year, about 5% of total headcount, Finance Director Andy Halford said.

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

Standard Chartered Said to Plan Cutting 250 Managing Directors

Quant Fire Only Half Out to JPMorgan Strategist Who Saw Rout

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts