Standard Chartered on track to meet $1bn cost-cutting target

Asia-facing bank Standard Chartered is on track to achieve its $1bn cost-cutting target, says its South Asia chief executive, Ajay Kanwal.

Shares in Standard Chartered closed up 2.18% in London today.

"As a bank we have made a commitment of cost reductions this year of $1bn. We are on target," said Kanwal in an interview with Bloomberg TV.

"We are on track to achieve what we said at the start of the year," he added, also noting Standard Chartered was investing in its digital, compliance systems and wealth operations.

"So, yes, we have a cost challenge that we must deliver on and at the same time we are investing in markets, as well as very importantly in technology," Kanwal said.

"From our perspective we are shaping the business in many ways."