World Economy

StanChart to Cut Top Jobs

StanChart to Cut Top JobsStanChart to Cut Top Jobs

Standard Chartered Plc is considering cutting about a quarter of its senior banking positions as part of a plan by Chief Executive Officer Bill Winters to reverse a two-year profit slide at the emerging markets-focused lender, people with knowledge with the matter said, Bloomberg reported. The British lender, which makes most of its earnings in Asia, plans to cut as many as 250 of about 1,000 managing directors, two of the people said, asking not to be identified as the information is private. About 50 of those positions will be in the bank’s Middle East and North Africa operations, one of the people said.