Standard Chartered to cut jobs in Singapore, Dubai

Standard Chartered Plc is looking to slash jobs in Dubai and key markets including Singapore in order to cut down expenses, as per people familiar with the matter.

As per a media report, some senior roles are included in the cuts. As many as 100 positions may be impacted in Dubai although the number hasn’t been finalized as the lender has not yet made its strategy public.

The cuts may also the leadership positions at the firm’s priority banking operations, which offer personalized wealth-management services, as per one of the people. 

The cuts come as Standard Chartered Chief Executive Officer Bill Winters is looking for ways to spur growth and formulating a plan to simplify its structure, reduce its funding expenses and free up liquidity.

The bank, which had about 86,000 employees at the end of June, is expected to disclose its strategy for improving returns at its full-year results in February. It is expected to unveil a strategic review to address investor concerns about mounting expenses and an approximate 40% decline in the share price ever since Winters took over as the chief executive officer in June 2015.

In May this year, Germany's largest lender Deutsche Bank had also stated its plan to axe over 7,000 jobs globally and significantly scale back its investment banking activities as it sought to cut down on years of losses.