Partner Article

Thousands of London jobs at risk as Standard Chartered bank announces cuts

Standard Chartered bank could cut up to 1,000 senior jobs, a source has told the BBC today.

According to an internal memo sent to staff, the London-based lender, which operates across Asia, is hoping to cut costs.

The chief executive Bill Winters sent a memo to announce job cuts earlier this week. Standard Chartered has grown significantly since the financial crisis and many roles are now superfluous to the bank’s operations, the source said.

“Our situation requires decisive and immediate action. Each member of the management team has a mission to drive through improvements in our returns and part of this will be further streamlining of our organisation, eliminating management layers and duplication of roles,” Winters told staff.

He continued: “We lost some discipline during that time, leading to our recent problems with loan impairments and relatively high expenses,”

“We have a clear sense of our direction of travel and the key areas of focus – superior execution, targeted investments, divestment where we are not advantaged and innovation in our product and process design,”

This was posted in Bdaily's Members' News section by Ellen Forster .