Standard Chartered ‘To Cut 1,000 Senior Jobs’

Standard Chartered

Standard Chartered bank, a London-based lender that makes most of its profit in Asia, could cut up to 1,000 senior jobs, according to an internal memo sent to staff.

The move from chief executive Bill Winters is meant to cut costs.

The bank has grown very quickly since the financial crisis and some roles are now not needed, sources told the Amira News.

Standard Chartered said it had disclosed before “that there would be further personnel changes to come”.

“We have already acted to reduce management layers, and a result will have up to 25% fewer senior staff,” the bank said in a statement.

Mr Winters told staff in the memo that about a quarter of senior managers, of director level or above, would be cut. There are about 4,000 bankers in the grades affected by the decision.

Strengthening finances

The bank employs about 88,000 people in total. It has grown rapidly, from about 44,000 in 2005.

Mr Winters took over from former diplomat Peter Sands in June and said he would simplify Standard Chartered with a “new management team and simpler organisational structure”.

The bank has already shed some businesses, in Hong Kong, China and Korea, booking a gain of $219m and improving its capital position.

Standard Chartered hired Mark Smith from Asia-focused rival HSBC to join as new chief risk officer.

Mr Winters also cut the dividend to help the bank strengthen its capital base – a safety net protecting it from unexpected financial knocks. He has also not ruled out raising more capital if needed.