Standard Chartered rumoured to be cutting 250 MD positions
(7 September 2015 - Britain) British lender, Standard Chartered is considering cutting about a quarter of its senior banking positions as part of a plan by Chief Executive Officer Bill Winters according to Bloomberg.
The bank plans to cut as many as 250 of all managing directors, equating to a quarter of its workforce in that position. Close to 50 of those will be in the bank’s Middle East and North Africa operations.
Since replacing former CEO Peter Sands in June, Winters has been investigating ways to restore investor confidence. The bank recently said that it is on track to cut costs by more than US$400 million (A$577 million) this year to save approximately $1.8 billion through 2017. It has cut about 4,000 jobs so far this year, about 5 percent of total headcount.
The shares have dropped about 26 percent this year, trailing HSBC Holdings Plc, which is down 19 percent. Under Sands, the bank lost more than a third of its market value over the past two years.
According to one person, the bank may start culling jobs as early as this month, while some employees will be offered new roles within the company.
Winters has indicated that a new strategic plan will be presented later this year.
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