HR NEWS

Standard Chartered Bank to reduce 10% corporate & institutional banking staff

Standard Chartered Bank to reduce 10% corporate & institutional banking staff

In an effort to step up its drive to reduce costs, the Standard Chartered Bank 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 effectual 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 reduced under this overhaul.

As per media reports, Standard Chartered will lay off around 35 employees in India.  This will be done in a bid to streamline its corporate and Institutional banking (CIB) division.  The job cuts are expected 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 added 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

1 year ago

By HR Reporters

Related Tags :

Social Share : Share      

Comments.....

Submit new comment

Most Viewed

Toyota Kirloskar Motor to run 50 driving schools by 2020, says honcho N Raja...

8 months ago

No change in IT hiring pattern, say senior industry figures...

7 months ago

Vacancy for the post of Talent Acquisition Manager - Apply immediately...

7 months ago

Not fair to blame expatriate for the unemployment rate among Kuwaitis - KTUF Cha...

9 months ago

India looking for global leadership in climate action, says Anand Mahindra...

10 months ago

Docutech™ Founder and CEO Ty Jenkins Honored by HousingWire’s Second Annual HW V...

1 year ago

First gene therapy for rare blindness gets US FDA nod...

5 months ago

New painkillers reduce overdose risk...

6 months ago

Smoking may upsurge sensitivity to social stress: Study...

10 months ago

Indian scientist Manisha Mohan at MIT invents wearable sensor to stop rape...

10 months ago

Most Shared

Mass redundancies for Quebec cookie factory...

1 year ago

Trump this: 5 bold predictions for how he’ll impact HR...

2 years ago

InfoTycoon appoints existing President and COO Kevin George to succeed James Dav...

1 year ago

Sushant Dwivedy joins Aspiring Minds as SVP-Enterprise Client Solutions...

1 year ago

Uber introduces special reward programme...

1 year ago

Standard Chartered Bank to reduce 10% corporate & institutional banking staff...

1 year ago

National CineMedia (NCM) creates Affiliate Partnerships team, names Stacie Tursi...

1 year ago

OCC Names New CFO, Treasurer, and Chief Compliance Officer...

1 year ago

Beards at work are now a major turn-off say 61% of female office workers...

1 year ago

First female fast jet pilot of Britain hired as director at PwC...

1 year ago