Staff will be notified of the cuts starting this week.
Standard Chartered is cutting about 10% of the staff in its corporate and institutional division as part of a plan announced last year to eliminate 15,000 jobs and improve profitability at the Asia-focused bank, according to a person familiar with the plans.
Bloomberg News reports that staff will be notified of the cuts starting this week, and jobs will be lost in units such as corporate finance and trade financing in offices including Singapore and Hong Kong, said the person, who asked not to be identified because the information isn’t public. The unit, which houses the investment bank, has been run by Simon Cooper since April after he was recruited from HSBC. Reuters reported the cuts earlier.
“We are making our corporate and institutional banking division more efficient,” the bank said in an e-mailed statement. “Removing duplication in roles and managing our costs to protect planned investments in technology and people means that a small number of existing roles will be impacted.”
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