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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

2 years ago

By HR Reporters

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