Standard Chartered Planning Several Hundred Job Cuts Worldwide

Bank had pledged to avoid redundancies during pandemic
Cuts considered include locations such as London and Singapore

Watch: Bill Winters, chief executive officer at Standard Chartered Plc, discusses the potential for worldwide job cuts in an effort to reduce costs.(Source: Bloomberg)

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By Harry Wilson and Ambereen Choudhury

July 29, 2020 at 5:50 PM UTC

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Standard Chartered Plc is set to begin a new round of job cuts, joining rivals such as Deutsche Bank AG and HSBC Holdings Plc in restarting reductions put on hold at the outset of the pandemic.

The London-headquartered firm has drawn up lists of several hundred employees it plans to eliminate and a cutback program is set to get underway, according to a person familiar with the situation. The company employs about 85,000 people.