LONDON – Banking group Standard Chartered is slashing 15,000 jobs worldwide and has announced plans to raise $5 billion from shareholders via a rights issue as part of a major restructuring to shore up its financial position.
The Asia-focused bank also announced plans to shift operations away from institutional and corporate banking toward private banking and wealth management.
The new strategy was revealed Tuesday as the bank reported a third-quarter pretax loss of $139 million.
Standard Chartered said the job losses will be made by 2018, though some senior managers are already being cut.
CEO Bill Winters says the company will look to get through the transition stage "as quickly as possible" and "ensure our people are focused on providing value to our clients across Asia, Africa and the Middle East."