Subscribe to our mailing list

* indicates required







We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.


Stay Informed with the latest fanancialish news.




Terminations/Cost Cutting

Standard Chartered Axing 10% of Corporate, Institutional Banking

November 28, 2016

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.