The cuts could be announced later this month.
Financial Times reports that Standard Chartered is preparing a fresh round of job cuts to reduce costs in response to rising pressure from investors who are frustrated over the emerging market bank’s flagging performance.
The cuts could be announced later this month when the bank reports results for the third quarter, according to people familiar with the company’s plans.The move comes as shareholders are becoming increasingly concerned over a faltering turnround plan led by Bill Winters, who took over as the bank’s chief executive with a mandate to turn it round more than three years ago.
Winters’ target for an 8% return on equity remains elusive, with analysts at Autonomous, the research group, recently estimating the figure would be “barely 5%” this year.
Hit the link below to access the complete Financial News article:
Have something to tell us about this article?