Posted on 11/04/2015 6:40:55 PM PST by Lorianne
Shares in Standard Chartered fell sharply after the Asia-focused UK bank said it would raise $5.1bn (£3.3bn) and cut 15,000 jobs by 2018.
There was further bad news as Standard Chartered said it was the subject of two investigations by the Financial Conduct Authority relating to monitoring of sanctions and anti-money laundering compliance.
The job cuts are part of a restructuring programme to take place over the next three years, but gave no details. The bank employs 86,000 people worldwide, but only about 1,800 in the UK.
Standard Chartered remains under investigation by US authorities related to transactions involving Iranian clients.
The bank was fined $667m in 2012 by US authorities to settle charges that it violated US sanctions by handling thousands of money transactions involving Iran, Myanmar, Libya and Sudan; and paid another $300m in August last year for failing to detect possible money-laundering.
(Excerpt) Read more at bbc.com ...
Glad I never went into banking.
I did some sub-IT work for BofA. Never, ever again.
>> I did some sub-IT work for BofA.
“sub-IT work”? My interest is piqued; what in the world could be lower than IT work? ;-)
What I did was pretty low and barely qualified as IT.
It was changing out equipment in BofA branches through a crowd of weird cheapskates based in JAX.
I got the equipment van driver job after I did a lead on one swap. Talk about convoluted and backwards operation. The “techs” hired really didn’t know much but for the most part good people.
There was nothing else at the time so I stuck with it.
I couldn’t make these people up. Even Catbert could learn a thing or two. If there was a way to cheap out, this crowd would do it.
I haven’t seen the name again anywhere. At least I hope they are bankrupt and out of business. Best would be for them to be in jail.
There is an electronics recycling corp I worked for that was just as bad. So much Dilbert fodder and dark comedy material.
I was told by the head of their Ebay sales/refurb to press puffed out capacitors and mark them as fixed. There were witnesses present that heard him.
Attacked by the pirates of Crimson Permanent Assurance?
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