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Daniel Cancian Sharecast News
04 Sep, 2015 16:34 04 Sep, 2015 16:57

Standard Chartered plans to cut 250 managing directors, reports say

Standard Chartered is reportedly considering cutting its senior banking staff by a quarter, as it seeks to rebound from a two-year profit slide.

Banks

4,677.17

15:45 15/11/24
1.24%
57.25

FTSE 100

8,060.61

15:45 15/11/24
n/a
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FTSE 350

4,453.56

15:45 15/11/24
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FTSE All-Share

4,411.85

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Standard Chartered

944.80p

15:45 15/11/24
0.66%
6.20p

According to sources cited by Bloomberg, the FTSE 100 lender, which makes the majority of its earnings in Asia, plans to cut approximately 250 managing directors, 50 of whom are understood to be in the bank's Middle East and North Africa branches.

Bill Winters, the group's chief executive, has been tried to restore investor confidence after replacing Peter Sands in June.

Last month, the bank said it was on track to cut costs by more than $400m this year as part of plans laid out by Sands to save about $1.8bn through 2017 and has so far slashed about 4,000 jobs this year.

Standard Chartered shares closed down 3.79% to 713.30p on Friday.

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