Standard Chartered to axe 4,000 retail bank jobs: Bank's memo

The memo said 2,000 of the cuts have already been made or announced, with 2,000 more to come. -- ST PHOTO: JAMIE KOH
The memo said 2,000 of the cuts have already been made or announced, with 2,000 more to come. -- ST PHOTO: JAMIE KOH

HONG KONG (REUTERS) - Standard Chartered will axe around 4,000 jobs worldwide at its retail banking division, according to an internal memo reviewed by Reuters on Thursday, in a push to achieve the cost cuts that chief executive Peter Sands hopes will return the bank to past glory.

The memo said 2,000 of the cuts have already been made or announced, with 2,000 more to come.

The memo also confirmed a Reuters report on Thursday that the bank is exiting its global equities business, seen as non-core and underperforming.

The cost cuts in the retail banking segment will deliver cost savings of around US$200 million (S$268 million) in 2015, half of the total savings identified by Sands as essential to turn the bank around.

The exit from the equities business will generate US$100 million of savings next year, the memo also said.