Standard Chartered to axe one in ten corporate banking staff - report

Standard Chartered was reported to be planning to cut 10% of its corporate and institutional banking staff, according to reports on Monday.

The Asia-focused bank job cuts will begin the measures this week as it looks to slash costs, Reuters reported.

Standard Chartered swung to a profit in third-quarter results at the start of the month, but chief executive Bill Winters said that income and profit levels were not up to scratch but that the "strategic actions" announced a year ago to turn the business around were continuing to be made.

On Monday a spokesman for the company said: "We are making our corporate and institutional banking division more efficient.

"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."