Social Mixer 2024 Singapore
marketing interactive Content360 Singapore 2024 Content360 Singapore 2024
marketing interactive

Standard Chartered closes equities business, cuts jobs globally

share on

Standard Chartered has confirmed the closure of its institutional cash equities, equity research and equity capital markets “ECM” activities, in a move that the bank described as "underperforming" businesses that may hinder progress on its US$400 million cost-saving plan for this year.The closures will see some 200 job cuts across seven markets, including Hong Kong, Singapore, India, Indonesia, US, UK and Korea.Additionally, there will be more 2,000 job cuts globally by the end of 2015 on top of another 2000 dismissals over the last three months. The bank has also shut down about 22 branches in the second half of 2014 and expects to achieve another 80-100 closures this year in an effort to save some US$200 million from the retail clients segment.In an official statement, Standard Chartered group chief executive Peter Sands said the bank will continue to take significant action on costs by exiting or reconfiguring non-core and underperforming businesses, and by increasing the efficiency of our core businesses."We are well on track to deliver at least $400 million of cost saves for 2015, and we are now focusing on achieving further cost savings for 2016 and beyond as we continue creating capacity to invest in the Group’s core businesses.”Mike Rees, deputy group chief executive, added: “As part of the Group’s on-going review of its client strategy, the decision has been taken to exit the institutionally focused cash equities business with immediate effect."While this has sadly resulted in a number of colleagues leaving the Bank, a transition team will remain to manage the interim period and support our clients.”StanChart declined to comment further, when contacted by Marketing. Last year Standard Chartered announced the sale of closure for its consumer finance businesses across China, Hong Kong, Germany and Korea; the retail bank in Lebanon; retail securities in Taiwan; commercial leasing subsidiaries in Pakistan, private banking activities in Geneva and various SME portfolios, in particular in theUAE.In addition, the group exited minority stakes in non-core investments including Travelex and Fleming Family & Partners.

share on

Follow us on our Telegram channel for the latest updates in the marketing and advertising scene.
Follow

Free newsletter

Get the daily lowdown on Asia's top marketing stories.

We break down the big and messy topics of the day so you're updated on the most important developments in Asia's marketing development – for free.

subscribe now open in new window