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Global job cuts at Standard Chartered

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Standard Chartered is cutting 10% of its global corporate and institutional banking headcount, Reuters reports. According to the news agency, the job cuts will be rolled out starting this week across all the bank’s major business in Singapore and Hong Kong.

“We are making our corporate and institutional banking division more efficient,” a Standard Chartered spokesperson told Human Resources magazine in an email. “Removing duplication in roles and managing our costs to protect planned investments in technology and people means that a small number of existing roles will be impacted.”

“We will continue to move investment to where it can generate the greatest returns and focus on the markets which offer the greatest opportunity,” the spokesperson stated.

He added the bank is putting relationship managers at the centre of client relationships, diversifying its client portfolio, and improving processes such as client on-boarding times.

The bank did not comment on the exact nature of the job cuts or the amount of staff affected. In 2015, Standard Chartered announced it would be eliminating 15,000 jobs over the next three years.

Separately, the head of Standard Chartered’s Asean and South Asian operations, Ajay Kanwal, stepped down on Monday after failing to disclose past personal investments. Anna Marrs will assume the role of regional CEO, ASA, in addition to her existing role as CEO, commercial and private banking subject to regulatory approval.

Kanwal joined the bank in 1992. He was appointed head of Asean and South Asian operations in October last year and was based in Singapore.

In a statement issued by the bank he said: “The Bank rightly sets very high internal standards on disclosures for all staff. After careful deliberation I felt that some of my internal disclosures about my historical personal investments in businesses outside the Bank did not meet these very high standards.

Though I do not own these investments anymore, as a senior leader my actions should be beyond reproach. Hence with regret I have decided to tender my resignation.”

ALSO READ: 15 minutes with Standard Chartered Malaysia’s Rahmat Roslan Hashim

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