Standard Chartered trimming roles as part of cost cuts
Standard Chartered is starting to lay off employees across Singapore, London, and Hong Kong hubs as part of an existing plan to cut costs by more than US$1 billion through 2024, Bloomberg
The British bank had previously said that it aims to cut down US$1.3 billion as part of its cost-efficiency program.
The total reductions could be more than 100, although a final number has yet to be decided, the report said, citing people familiar with the matter.
Standard Chartered did not immediately respond to a Reuters query.
The London-listed bank's move is the latest among big banks cutting jobs.
Goldman Sachs is expected to reduce just under 250 jobs in the coming weeks, while JPMorgan Chase is cutting about 500 employees, Reuters reported in May.
Separately, Standard Chartered earlier this year sold its Jordanian business to Arab Jordan Investment Bank (AJIB) as the lender pressed ahead with plans to exit seven markets in Africa and the Middle East.
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