Standard Chartered to cut 10% corporate & institutional banking staff
In an attempt to step up its drive to cut costs, financial services major Standard Chartered has decided to cut a tenth of its global corporate and institutional banking headcount.
As per media reports , the job cuts will be rolled out at this week across all bank’s major business centres including Honkong , Singapore and others . The move is said to make corporate and institutional banking division more efficient as the overhaul will remove duplication in roles and will help in assessing and managing costs, thereby improving investments in technology
However, still it is unclear, the total number of employees that would be axed under this overhaul .
How India is hit?
As per media reports, Standard Chartered will lay off around 35 staff members in India. This will be done in a bid to restructure its corporate and Institutional banking (CIB) division. The job cuts are likely to affect senior level employees – director or managing director , as shrinking these roles will help to cut big costs .
Amidst all this , another development took place , when Standard Chartered ‘s regional chief executive for Asean and south Asia , Ajay Kanwal resigned as he failed to disclosed his past investments made to bank . As an additional responsibility , Anna Marrs, CEO for commercial and private banking will be taking over Kanwal’s role.
In November last year (2015), the bank had announced that it will cut around 15,000 jobs globally .
Corporate and Institutional banking (CIB) division include financial banking businesses, corporate finance and transaction banking.
Source : http://economictimes.indiatimes.com/industry/banking/finance/banking/standard-chartered-to-sack-35-employees-in-rejig/articleshow/55674620.cms