StanChart job cuts

SINGAPORE/LONDON: Standard Chartered’s new Chief Executive Bill Winters plans to cut up to a quarter of the bank’s most senior staff to reduce costs, as per a memo sent to staff, a move likely to result in the loss of around 1,000 top jobs.

Winters said he planned to reduce the number of staff who are graded in bands one to four by a quarter, as per an internal memo seen by Reuters. Those bands cover board members to senior bankers at managing director level, and include about 4,000 staff.

Winters, who took over as CEO in June, said the bank had already reduced number of employees and the other affected staff will be told by the end of November.