Standard Chartered cuts Dubai sales and trading jobs

Standard Chartered cut 11 sales and trading jobs in Dubai, including four managing director roles, according to two people with knowledge of the matter.

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.

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

Standard Chartered Said to Cut Dubai Trading Jobs, Four MD Roles

Standard Chartered Drops as CEO Raises Capital, Cuts 15,000 Jobs

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