So finally, here is news which most bankers will not like. Standard Chartered has decided to reduce its banking staff. The news came to Reuters from confirmed sources mentioning that the bank is all ready to abridge 10% of the official and global company staff of the bank in order to cater growing costs.
The Chief Executive of Standard Chartered, Bill Winters took it to brand disappointment by revealing the income and profit of the bank as intolerable, which got centered as the results from the last quarter came.
The cut in the jobs will spread out the start of this week throughout all the core bank’s business in Hong Kong and Singapore, one basis mentioned to Reuters. Apart from this source, no other source took the authority to mention the news as they were not allowed for media.
The spokesman from Standard Chartered bank said, “We are making our corporate and institutional banking division more efficient,” without actually mentioning how many jobs will be butchered.
“Removing duplication in roles and managing our costs to protect planned investments in technology and people means that a small number of existing roles will be impacted.”