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Thursday, 19 October 2017

StanChart CEO plans to cut about 1,000 top staff

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(Reuters) - Standard Chartered’s new Chief Executive Bill Winters plans to cut up to a quarter of the bank’s most senior staff to reduce costs, according to a memo sent to staff, a move likely to result in the loss of around 1,000 top jobs.

Winters said he planned to reduce the number of staff who are graded in bands 1-4 by a quarter, according to an internal memo seen by Reuters. Those bands cover board members to senior bankers at managing director level, and include about 4,000 staff in total.

Winters, who took over as CEO in June, said the bank had already reduced the number of employees and the other affected staff will be told by the end of November.

Winters said the bank would also make disposals and cut clients as part of his strategic review.

“We need to create room for … investment. While some will come from efficiencies we will also look to divest where we are not differentiated and an activity, business or location is not critical to a core strength,” Winters said in the memo.

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