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Standard Chartered CEO Record Cuts Aim to Silence Critics

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Standard Chartered Plc Chief Executive Officer Peter Sands unleashed the biggest round of job cuts in his eight-year tenure at the U.K. bank as he seeks to persuade critics he can stem a two-year drop in earnings.

Sands, 53, yesterday announced a plan to cut about $400 million by eliminating equities trading and slashing 4,000 consumer-bank jobs. The shares have dropped 26 percent over the past 12 months, putting Standard Chartered among the worst performers in the 45-member Bloomberg Europe 500 Banks index.