Posted on 10/10/2015 11:06:52 AM PDT by Lorianne
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 BBC.
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.
The bank employs about 88,000 people in total. It has grown rapidly, from about 44,000 in 2005.
The bank has already shed some businesses, in Hong Kong, China and Korea, booking a gain of $219m and improving its capital position.
(Excerpt) Read more at bbc.com ...
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