Standard Chartered’s new chief executive has told staff he plans to cut a quarter of its most senior management positions in a drastic drive to cut costs at the emerging market lender.
Bill Winters’ plan to cut 1,000 of StanChart’s 4,000 top managers underlines the scale of the overhaul being drawn up to turn round the bank’s deteriorating performance.
The cuts at StanChart add to the widespread bloodletting in the European banking sector, where many large lenders are shedding thousands of jobs to improve sluggish performance, including Deutsche Bank, HSBC, Royal Bank of Scotland and Barclays.
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