Standard Chartered slashing jobs in Dubai, Singapore

Standard Chartered, the Asia-focused London-based bank, is cutting jobs in Dubai, Singapore and other key markets, as it continues efforts to cut costs and boost profits.

Over 100 jobs are likely to be axed in Dubai, according to a Straits Times report, although the number has yet to be finalised. Sources also claimed that some senior roles will be affected, but asked not to be identified until the decision has gone public.

The retrenchment will also extend to leadership positions at the bank’s priority banking operations, which handles personalised wealth management services, according to one of the sources.

Standard Chartered had about 86,000 employees at the end of June this year, compared with 84,000 in 2015.

Reducing staff and funding expenses, simplifying structure and freeing up liquidity are among the plans for reigniting the bank’s growth.

The bank is also set to launch a strategic review to tackle investor concerns about increasing expenses and an estimated 40% decline in the share price since Bill Winters took the reins as CEO in June 2015.