Standard Chartered is cutting jobs in Dubai and key markets including Singapore as it looks to curb expenses, people familiar with the matter said.
Bloomberg News reports that some senior roles are included in the cuts, the people said, asking not to be identified because the emerging-markets lender’s strategy isn’t yet public. As many as 100 positions may be impacted in Dubai although the number hasn’t been finalized, two of the people said.
The eliminations also include leadership at the firm’s priority banking operations, which offer personalized wealth-management services, one of the people said. The staff reduction is coming as Standard Chartered CEO Bill Winters is looking for ways to reignite growth. The bank is weighing a plan to simplify its structure, reduce funding expenses and free up liquidity, people familiar with the matter said earlier this week.
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