Story by Anshuman Daga and Sumeet Chatterjee
Standard Chartered is set to cut about a tenth of its global corporate and institutional banking headcount, sources with direct knowledge of the matter said on Monday, as the bank steps up an aggressive drive to cut costs.
Chief Executive Bill Winters this month branded the bank's income and profit unacceptable, as below-forecast third-quarter results underlined the challenges facing his overhaul.
The job cuts will be rolled out beginning this week across all the major business centres starting with Singapore and Hong Kong, one of the sources told Reuters. All the sources declined to be named because they were not authorised to speak to the media.