Standard Chartered is cutting jobs in Singapore and Dubai, plus re-shuffling some headcount, finews.asia has learned.
Standard Chartered is looking to cut jobs in Singapore and Dubai. In addition, it is also reshuffling some headcount in certain departments within Singapore, finews.asia learned.
About 100 positions may be impacted in Dubai although the number hasn't been finalised, according to an article in «Bloomberg» (behind paywall). The cuts also include leadership at the firm's priority banking operations, which offer personalised wealth-management services.
Strategic Review Expected
When contacted, a spokesperson said Standard Chartered has made substantial progress in executing the transformation plan laid out in 2015. «We will set out how we will develop the Group and deliver higher returns at our full year 2018 results in February," she said.
The bank has been looking to simplify its structure, reduce funding expenses, and free up liquidity ever since chief executive Bill Winters took over in June 2015.
At its full-year results presentation next year, the lender is expected to unveil a strategic review regarding rising costs and the 40 percent slide in share price since Winters took the reins.
