Standard Chartered is planning to implement a fresh round of job cuts, media reports said. The bank has joined its rivals Deutsche Bank and HSBC who are also seeking a similar action plan.
It is reported that Standard Chartered has drafted a list of several hundred employees who will be eliminated as part of its cutback programme. Currently, the lender employs around 85,000 employees.
The bank in a statement said “A small number of roles are being made redundant in line with our commitment to transforming the bank and ensuring its future competitiveness.”
However, employees will be paid until the end of the year, in addition to receiving a severance package. The bank’s job cuts are expected to take place in London, New York and Singapore.
The bank recently posted a 33 percent drop in profits for the first half of the year. The drop in profits is one of the reasons for the bank to implement job cuts in the coming months, media reports said.
Group chief executive Bill Winters said in a statement, “Low interest rates and depressed oil prices continue to be headwinds and we expect new waves of Covid-19 related challenge in the coming quarters but I am confident that our resilience and client franchise will see us through.”