Standard Chartered Said to Cut 10% of Investment Banking Staff
- Reductions part of 15,000 job-cut program unveiled last year
- Corporate and institutional revenue fell 7.5% last quarter
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Standard Chartered Plc is cutting about 10 percent of the staff in its corporate and institutional division as part of a plan announced last year to eliminate 15,000 jobs and improve profitability at the Asia-focused bank, according to a person familiar with the plans.
Staff will be notified of the cuts starting this week, and jobs will be lost in units such as corporate finance and trade financing in offices including Singapore and Hong Kong, said the person, who asked not to be identified because the information isn’t public. The unit, which houses the investment bank, has been run by Simon Cooper since April after he was recruited from HSBC Holdings Plc. Reuters reported the cuts earlier.