Standard Chartered axes jobs in Singapore and Dubai

Pedro Gonçalves
Standard Chartered axes jobs in Singapore and Dubai

Standard Chartered is cutting jobs in Dubai and key markets including Singapore as it looks to curb expenses, people familiar with the matter told Bloomberg.

Some senior roles are included in the cuts, the people said, asking not to be identified because the emerging-markets lender's strategy is not yet public. As many as 100 positions may be impacted in Dubai although the number has not been finalised, two of the people said.

The layoffs may also include the bank's priority banking operations which offer personalised wealth-management services, one of the sources told Bloomberg.

The bank had around 86,000 staff at the end of June, up from about 84,000 in 2015.

The bank has been looking to simplify its structure, reduce funding expenses, and free up liquidity ever since chief executive Bill Winters took over in June 2015. 

A representative for Standard Chartered said the company has made "substantial progress in executing the transformation plan laid out in 2015" and will disclose its strategy for improving returns at its full-year results in February.

It is there that the lender is expected to unveil a strategic review regarding rising costs and the 40% slide in share price since Winters took the reins.