StanChart to axe 4,000 retail banking jobs

Standard Chartered is slashing about 4,000 jobs worldwide in its retail banking arm as it looks to slash $400m in costs.

The lender, in a statement, said 2,000 of the job cuts have already been made or announced in the past three months, with further 2000 jobs about to be axed during this year.

The bank is also shutting down its institutional cash equities business, equity research and equity capital market operations.

Through this move, which will affect around 200 jobs across seven of the group’s 70 markets, the bank aims to achieve nearly $100m in cost savings by 2016.

Standard Chartered’s group chief executive Peter Sands said, “We are continuing to take significant action on costs by exiting or reconfiguring non-core and underperforming businesses, and by increasing the efficiency of our core businesses. We are well on track to deliver at least $400m of cost saves for 2015, and we are now focussing on achieving further cost savings for 2016 and beyond as we continue creating capacity to invest in the Group’s core businesses.”