Standard Chartered ‘to cut jobs in Dubai, Singapore’

Standard Chartered has a presence in 60 markets globally. (Shutterstock)
Updated 04 December 2018
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Standard Chartered ‘to cut jobs in Dubai, Singapore’

  • The cuts reportedly include positions at the bank’s priority banking operations, which offer wealth-management services
  • It was reported last week that Standard Chartered is weighing up a plan to simplify its structure and control costs under CEO Bill Winters

LONDON: 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.

 

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.

FASTFACTS

86,000 - Number of Standard Chartered employees globally.


Chinese president Xi urges financial risk prevention while seeking stable growth

Updated 2 min 25 sec ago
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Chinese president Xi urges financial risk prevention while seeking stable growth

  • China’s economy is growing at its slowest pace in almost 30 years
  • Preventing and resolving financial risks, especially systemic financial risks, is a fundamental task

BEIJING: China should seek stable development of its economy while not forgetting to fend off risks to its financial system, Chinese President Xi Jinping said, state news agency Xinhua reported on Saturday.
China’s economy is growing at its slowest pace in almost 30 years, spurring policymakers to bolster growth by easing credit conditions and cutting taxes.
“It is necessary to focus on preventing risks on the basis of steady growth, while strengthening the countercyclical adjustment of fiscal policy and monetary policy and ensuring that the economy operates in a reasonable range,” Xi said.
Preventing and resolving financial risks, especially systemic financial risks, is a fundamental task, the agency cited Xi as telling a study session for senior Communist Party officials on Friday.
On Wednesday, Premier Li Keqiang reiterated that China would not resort to “flood-like” stimulus such as it unleashed in past downturns.
But after a spate of weak data, investors are asking if Beijing needs to speed or boost support to reduce the risk of a sharper slowdown.
Until now, China has refrained from cutting benchmark interest rates to spur the slowing economy, which would ease financing costs but risk adding to a mountain of debt.
To free up more funds for lending to small and private businesses, the central bank has cut the reserves that banks need to set aside five times in the past year.
Last month, Chinese banks made the most new loans on record, a total of 3.23 trillion yuan ($481 billion). A central bank official said previously that no credit floodgate had been opened, and the lending jump showed recent easing steps were working.
China’s financial sector must serve the real economy, Xi said, but stable growth and risk prevention must be balanced.