The eliminations also include leadership at the firm’s priority banking operations, which offer personalized wealth-management services, one of the people said.
The staff reduction is coming as Standard Chartered Chief Executive Officer Bill Winters is looking for ways to reignite growth. The bank is weighing a plan to simplify its structure, reduce funding expenses and free up liquidity, people familiar with the matter said earlier this week.
A representative for Standard Chartered said the company has made “substantial progress in executing the transformation plan laid out in 2015” and will disclose its strategy for improving returns at its full-year results in February.
The lender is expected to unveil a strategic review to address investor concerns about rising expenses and an approximate 40% decline in the share price since Winters became chief executive officer in June 2015. He said in October that the London-based lender was working on a three-year plan to improve performance. The bank had about 86,000 employees at the end of June.
