Standard Chartered Bank to Cut 100 Jobs in Dubai

Published December 5th, 2018 - 07:09 GMT
Standard Chartered has not yet officially made the strategy public. (Shutterstock)
Standard Chartered has not yet officially made the strategy public. (Shutterstock)

Standard Chartered is to cut up to 100 jobs in Dubai in a bid to reduce costs, according to a report by Bloomberg.

The bank is also looking to slash positions in key markets such as Singapore, the newswire reported, citing people familiar with the matter. The cuts include some senior staff, although the exact numbers have not yet been finalized, the sources said.

Standard Chartered — which specializes in the emerging markets —  has not yet officially made the strategy public, Bloomberg said.

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The cuts reportedly include positions at the bank’s priority banking operations, which offer wealth-management services.
A representative of the London-based bank said the company has made “substantial progress in executing the transformation plan laid out in 2015,” and will give details about its strategy for improving returns in February.

It was reported last week that Standard Chartered is weighing up a plan to simplify its structure and control costs under CEO Bill Winters.

The bank saw an underlying profit of $1.07 billion in the third quarter, higher than estimates of $976 million, according to Bloomberg data. Shares in the bank have declined by around 40 percent since Winters became CEO in June 2015.

It has more than 86,000 employees globally, a presence in 60 markets, and serves customers in close to 150 markets. Standard Chartered is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

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