Standard Chartered is planning to simplify its structure in a bid to reduce costs across its network ranging from Africa to Asia, Bloomberg reported citing unnamed sources.
The sources told the publication that the British lender is considering different ways to reduce funding expenses across its nearly 60 operating markets.
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Standard Chartered in a statement told Bloomberg said that it will unveil its plans to ‘deliver higher returns’ with its full-year results scheduled next February.
The bank, troubled with rising costs and falling share prices, is expected to announce a strategic review to address shareholder concerns.
The bank’s share prices have dropped nearly 40% since June 2015.
A person familiar with the development told Bloomberg that the lender may reduce senior positions in the company as a part of the strategic review.
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By GlobalDataAt the end of last year, the bank had around 86,000 staff.
Standard Chartered is also said to be working to create two Asian hubs at Singapore and Hong Kong.
The bank, according to the report, is also assessing its businesses in Africa and plans to focus on some core countries.
It is also planning to review its private banking business and emphasise on its wealth management segment, the report added.
However, the overall final plan is yet to be finalised as it currently awaits US Department of Justice decision over a potential fine.
Standard Chartered is currently being probed for transaction associated with Iran despite US sanctions.
