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.


Former Nissan chairman Ghosn appears in Tokyo court

Updated 23 May 2019
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Former Nissan chairman Ghosn appears in Tokyo court

  • It is the first of a series of hearings to iron out logistics for Carlos Ghosn’s actual trial
  • Nissan’s former chairman has hired a strong legal team as he fights to clear his name

TOKYO: Nissan’s former chairman, Carlos Ghosn, appeared in a Japanese courtroom Thursday for a hearing ahead of his trial on accusations of financial misconduct.
It was the first of a series of hearings to iron out logistics for Ghosn’s actual trial. The trial date has not been set, and experts say it could be months away.
Ghosn, who led the Japanese automaker for two decades, was arrested in November and charged with underreporting his income and breach of trust. He was released on bail in March, rearrested in April on fresh accusations and then released again on bail on April 25.
Ghosn insists he is innocent and says he was targeted in a “conspiracy” by others at Nissan Motor Co.
Nissan, which is allied with Renault of France, has seen profits nose-dive amid the fallout from Ghosn’s arrest.
Ghosn has hired a strong legal team as he fights to clear his name. One of his top lawyers, Junichiro Hironaka, was seen walking into the courtroom Thursday with Ghosn.
One of the conditions of Ghosn’s release on bail is that he is forbidden to contact his wife. Prosecutors say that’s to prevent evidence tampering.
Ghosn’s lawyers challenged that restriction, saying it is a violation of human rights, but the Supreme Court rejected their appeal Tuesday.
The lawyers can appeal again to have the restriction removed.
In a briefing Thursday, Deputy Chief Prosecutor Shin Kukimoto welcomed the Supreme Court’s decision.
“For married people to be together is important, but I feel there was enough reason for the Supreme Court to support us in this restriction,” he said.
Kukimoto declined comment on the hearing, which was closed to reporters and the public.
Kukimoto also said the maximum penalty upon conviction of all 15 counts of the charges Ghosn is facing is 15 years in prison and a fine of ¥150 million ($1.4 million).