Reuters - Some investment banking jobs said may go as top firm boosts in key areas

Tinkering around at the edges, and boosting in key areas.

Reuters reports that Standard Chartered is looking to drive returns by boosting lending to key industrial sectors and top clients, in a move that could cut about a dozen investment banking jobs as it dials back in areas like private equity, sources said.

Some of those jobs will likely be redeployed in other parts of its main corporate banking unit that StanChart is trying to strengthen, given its aim to increase lending to top companies in its main markets of Asia, Africa and the Middle East, said the sources who have knowledge of the plan.

The changes form part of a two-year overhaul at the bank - triggered in part by a spike in non-performing loans in China and India - that investors hope will help StanChart return to higher revenue growth.

StanChart is expanding into “consumer-led industries” including pharmaceuticals and healthcare, while continuing to build on its strong client base of oil and gas as well as metals and mining, another source said.

Hit the link below to access the complete Reuters article:

StanChart prunes coverage, may cut investment banking jobs - sources

BNP Paribas punished as profit falls short of forecasts


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