British banking group Standard Chartered is set to reduce its headcount in key markets including Dubai and Singapore, Bloomberg reported citing unnamed sources.
The sources told the publication that the layoffs may include some senior managers.
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Standard Chartered layoffs
Two people familiar with the matter told the publication that around 100 employees will be affected in Dubai. However, the final figure is yet to be decided.
The layoffs may also include the bank’s priority banking operations which offer personalised wealth-management services, one of the sources told Bloomberg.
The latest report has emerged only a week after it was reported that the UK-based bank is planning to simplify its structure in a bid to reduce costs across its network.
Distressed with falling share prices and rising costs, Standard Chartered has been mulling different avenues to support its growth.
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By GlobalDataSince June 2015, the bank’s share prices have dropped by nearly 40%.
Simplification of its structure, reducing expenses and reducing workforce are currently under consideration.
A Standard Chartered official said that the company has made significant progress in implementing its ‘transformation plan’ unveiled in 2015.
The bank is expected to unveil its complete strategic review with its full-year results in February 2019.
At the end of July, Standard Chartered posted its H1 results indicating a turnaround by the bank.
