Standard Chartered to cut 15,000 jobs, raise $5.1 billion capital
Having registered a pre-tax quarterly loss of $139 million, the multinational bank announced a major restructuring.
British multinational bank Standard Chartered announced on Tuesday that it would cut 15,000 jobs by 2018 and raise $5.1 billion in capital to create a "focused and well-capitalised" group. The announcement came after the bank posted a disappointing third-quarter pre-tax loss of $139 million, reported Agence France-Presse. The bank had recorded a profit of $1.5 billion for the same period last year, reported the BBC.
The bank did not provide many details about the job cuts, which will be part of a restructuring programme over the next three years, but the figure could include businesses it plans to sell. It announced that it would cut 2,000 jobs around the world in January, while it had already cut 2,000 in the three months before January. The bank currently employs around 86,000 people worldwide.
The Asia-focused bank plans to raise $5.1 billion in capital through a rights issue and a strategic review that raised its cost-cutting target to $2.9 billion between 2015 and 2018.
