Standard Chartered said Thursday it would close a swathe of its global equities business and axe 2,000 jobs around the world this year as it tries to make savings of $400 million as part of a structural overhaul. The Asia-focused British bank said it had already announced or completed 2,000 job cuts in its retail clients business in the past three months, but 2,000 more were "expected during 2015" in the same segment. Closing its cash equities, equity capital market and equity research operations would lead to a further 200 job losses, it said in a statement.
"We are well on track to deliver at least $400m of cost saves for 2015, and we are now focusing on achieving further cost savings for 2016 and beyond as we continue creating capacity to invest in the group's core businesses," chief executive Peter Sands said. Cuts in the retail clients business would contribute to around half of the planned $400 million savings for 2015.