Bloomberg News reports that Standard Chartered has 'acted to reduce management layers at a global level, and as a result, will have up to 25% fewer senior staff', the bank said in e-mailed response to questions Tuesday. The group’s new structure will be effective from January 1 and 'changes are still work in progress, we are not in a position to provide details', it said.
Bloomberg reported earlier this month that the bank unveiled 15,000 job losses to help save $2.9 billion by 2018.
Standard Chartered will also restructure or exit $100 billion of assets after it reported an unexpected third-quarter loss of $139 million, compared with a profit of $1.5 billion a year earlier.
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