4th Sep 2015 16:18
LONDON (Alliance News) - Standard Chartered PLC is considering cutting about a quarter of its senior banking positions as part of a plan by Chief Executive Bill Winters to reverse a two-year profit slide at the emerging-markets-focused lender, reported Bloomberg on Friday.
Citing "people with knowledge in the matter", Bloomberg said the British lender plans to cut as many as 250 of about 1,000 managing directors. About 50 of those positions will be in the bank?s Middle East and North Africa operations.
Standard Chartered operates in 71 countries and has some 90,000 employees, according to its website. While its headquarters are in London, the bank makes about 90% of its revenue and profit from Asia, Africa and the Middle East.
http://www.bloomberg.com/news/articles/2015-09-04/standard-chartered-said-to-plan-cutting-250-managing-directors
By Joshua Warner; [email protected]; @JoshAlliance
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