Standard Chartered cuts 15,000 jobs

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Standard Chartered has announced plans to cut 15,000 jobs as it reports a “disappointing” loss for Q3.

The bank reported a pre-tax loss of $139m (£90m) for July to September, which compares to a £991m profit for the same period last year.

It says the loss reflects de-risking initiatives and challenging conditions in key markets including depressed commodity prices and the slowdown in China.

Standard Chartered has raised £3.3bn through a capital rights issue, of which £2bn will be spent on a restructuring programme.

The job cuts will be made over the next three years. Standard Chartered employs 86,000 people.

Group chief executive Bill Winters says the restructure will result in a “lean, focused and well capitalised international bank”.

He adds: “The business environment in our markets remains challenging and our recent performance is disappointing.

“Today we have announced a strategy that makes big changes to how we will manage ourselves going forward.

“We are positioning the group for improved return on equity on a strengthened capital base. We will execute as quickly as possible to get through this transition phase, start delivering improved performance, and ensure our people are focused on providing value to our clients across Asia, Africa and the Middle East.”