Millennium Post

UK’s StanChart to shed at least 2,000 more jobs

Asia-focused Standard Chartered Bank  on Thursday announced closure of its loss-making institutional cash equities business with immediate effect and cutting 2,000 more jobs from its retail banking side as part of efforts to save $400 million in costs this year.

On retail banking front, the bank said it will continue to focus on key cities and accelerate digitalisation going forward. This has already resulted in around 2,000 job cuts in the last three months, and it expects another 2,000 jobs to be culled during 2015.

According to sources, the British lender has around 50 people in India at its institutional cash equities, equity research and equity capital markets businesses.

Standard Chartered has around 86,000 employees in 70 markets. It is the largest foreign bank in India by branch network.
PTI

PTI

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