World Economy

StanChart Surprise Loss

StanChart Surprise LossStanChart Surprise Loss

Standard Chartered Plc said it will cut 15,000 jobs and raise £3.3 billion ($5.1 billion) in a rights offer after posting a surprise loss as loan impairments in India soared. Shares of the lender plunged, Bloomberg reported. The bank pledged savings of $2.9 billion by 2018 and will restructure or exit $100 billion of assets, according to a statement on Tuesday. Standard Chartered’s shares fell as much as 6.2% in Hong Kong after the announcement of a $139 million pretax loss for the third quarter, extending this year’s decline to 31%.