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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Standard Chartered Axing 10% of Corporate, Institutional Banking
Standard Chartered pans on cutting about 10% of its global corporate and institutional banking headcount, as it steps up an aggressive drive to cut costs. The cuts reportedly will begin this week across all the major business centers, starting with Singapore and Hong Kong.
CEO Bill Winters, an ex-JPMorgan investment banker, has already moved to close the stock trading business and raise $5.1 billion in capital. These efforts have paid off for StandChart’s bottom line, and its Q3 result marked a 2nd consecutive quarterly profit after it swung to an annual loss for 2015, when it was hit by the costs of revamping its management team. Winter had also said last November that the bank would cut 15,000 jobs. It was not immediately clear whether the cuts in corporate and institutional banking formed part of that.
Cooper has been working to overhaul and streamline the structure of the corporate and institutional banking division, the largest unit of the bank accounting for more than 46% of its operating income in the six months ended June. It was not immediately clear how many of the global total of 84,477 employees at the British bank at the end of June were in that division.