Standard Chartered will be letting go of around 10% of its employees, from the corporate and institutional division.
This round of retrenchments follows an exercise started last year, to cut costs and improve profitability at the bank.
Employees will be informed of the job cuts beginning this week. People in departments such as corporate finance and trade finance will be impacted, in locations including Hong Kong and Singapore. The majority of senior level layoffs are expected to be in Singapore.
“We are making our corporate and institutional banking division more efficient. Removing duplication in roles and managing our costs to protect planned investments in technology and people means that a small number of existing roles will be impacted.” – statement released by Standard Chartered.
Over a year after CEO Bill Winters announced various initiatives and plans to improve the situation at the bank, Standard Chartered is still facing falling revenues. The bank had approximately 85,000 employees in the beginning of July 2016, which is lower by 1,500 from the same time last year.