Standard Chartered to close two more divisions

Standard Chartered will close its equity derivatives and convertible bonds businesses, Reuters reported.

The FTSE 100-listed bank announced the move on Monday as part of a plan to cut costs and focus on more efficient uses of capital.

The divisions will be wound down "in a phased manner".

Reuters reported it followed a decision earlier this year to close the bulk of its global equities operations and axe thousands of jobs globally as it dismantled its stock broking, equity research and equity listing desks.