Standard Chartered to cut hundreds in cost-cutting drive

The Asia-focused bank will reduce overlapping roles in servicing customers, as part of a rejig of its structure and activities since raising fresh capital a year ago. Standard Chartered said in November 2015 it would cut 15,000 jobs over the next three years. A person familiar with the matter said the “few hundred” jobs going now are part of that figure.

The bank on November 28 said the job cuts are the result of changes in the way it handles client relationships, and that it also needs to free up money to make planned technology investments.

Earlier this month, Standard Chartered Chief Executive Bill Winters said the bank’s financial performance is “not yet acceptable” and that it was still working on its multiyear restructuring.

On Wednesday, the results of stress tests on seven major U.K.-based lenders, including Standard Chartered, will be released.

Standard Chartered is considered well capitalized at current levels but analysts say its resilience could be stretched by a scenario of a $ 20 per barrel oil price and a decline in Hong Kong’s and China’s economies.

Write to Margot Patrick at margot.patrick@wsj.com and Julie Steinberg at [julie.steinberg@wsj.com]mailto:julie.steinberg@wsj.com)

This article was published by The Wall Street Journal

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