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StanChart to Cut $1b in Costs, Starting with 100 Layoffs

Date:

Another
major investment bank is initiating a process of laying off employees to cut
costs. Standard Chartered Plc is allegedly planning to shed about 100 employees
in its main hubs in Hong Kong, London, and Singapore as part of its widespread
cost-saving measures.

According
to Bloomberg, the Asia-focused lender began downsizing mid-level
employment in digital transformation and human resources departments a few
weeks ago. This is part of a much larger cost-cutting process that is expected
to reduce costs by more than $1 billion in this and the next year.

A few
managing directors associated with financial markets in London are reportedly
expected to lose their jobs, suggested one of Bloomberg’s anonymous
sources. The total number of jobs cut across the three offices could exceed
100, but final decisions have yet to be made.

A Standard
Chartered spokesperson commented that reviewing positions at different levels
of the bank’s corporate ladder is ‘normal business activity’, designed to
ensure efficiency in delivering business strategy.

According
to Standard Chartered’s CEO, Bill Winters, the global banking system will cope
with current turbulence, but it is still feeling the aftermath of the collapse
of several local banks in the United States.

The
mentioned turbulence is causing a hiccup in many institutions and large
lenders, who have also recently announced cost reductions and layoffs.

Goldman Sachs, Morgan
Stanley, and JPMorgan Are Cutting Jobs

Last week,
Goldman Sachs reported more job cuts, starting the third round of layoffs in
nine months. The publicly listed lender stated that significant declines in
deal-making activities were the main reason for this move.

Goldman
Sachs was one of the first banks to begin a series of drastic job cuts on Wall
Street last year, resulting in several hundred people losing their jobs. Then,
in January 2023, the institution eliminated an additional 3,200 positions.

Apart from
Goldman, Morgan Stanley also announced cuts, planning to reduce employment by
3,000 people. According to information from late May, the move will include
several top bankers, including Clarence Kwok, an expert in Chinese mergers and
acquisitions, Tony Yin, a technology coverage specialist, and Julia Xiao, a
figurehead in corporate finance.

In
addition, JPMorgan Chase plans to bid farewell to 1,000 employees after
acquiring the failed First Republic Bank (FRB). As reported by Finance
Magnates
, the cut will primarily affect people from the newly acquired
unit, potentially impacting one in five of its existing employees.

UBS remains
the dubious record holder in layoffs
. In April, news surfaced that the institution is prepared to cut employment by 36,000 following its acquisition of Swiss Credit Suisse.

Another
major investment bank is initiating a process of laying off employees to cut
costs. Standard Chartered Plc is allegedly planning to shed about 100 employees
in its main hubs in Hong Kong, London, and Singapore as part of its widespread
cost-saving measures.

According
to Bloomberg, the Asia-focused lender began downsizing mid-level
employment in digital transformation and human resources departments a few
weeks ago. This is part of a much larger cost-cutting process that is expected
to reduce costs by more than $1 billion in this and the next year.

A few
managing directors associated with financial markets in London are reportedly
expected to lose their jobs, suggested one of Bloomberg’s anonymous
sources. The total number of jobs cut across the three offices could exceed
100, but final decisions have yet to be made.

A Standard
Chartered spokesperson commented that reviewing positions at different levels
of the bank’s corporate ladder is ‘normal business activity’, designed to
ensure efficiency in delivering business strategy.

According
to Standard Chartered’s CEO, Bill Winters, the global banking system will cope
with current turbulence, but it is still feeling the aftermath of the collapse
of several local banks in the United States.

The
mentioned turbulence is causing a hiccup in many institutions and large
lenders, who have also recently announced cost reductions and layoffs.

Goldman Sachs, Morgan
Stanley, and JPMorgan Are Cutting Jobs

Last week,
Goldman Sachs reported more job cuts, starting the third round of layoffs in
nine months. The publicly listed lender stated that significant declines in
deal-making activities were the main reason for this move.

Goldman
Sachs was one of the first banks to begin a series of drastic job cuts on Wall
Street last year, resulting in several hundred people losing their jobs. Then,
in January 2023, the institution eliminated an additional 3,200 positions.

Apart from
Goldman, Morgan Stanley also announced cuts, planning to reduce employment by
3,000 people. According to information from late May, the move will include
several top bankers, including Clarence Kwok, an expert in Chinese mergers and
acquisitions, Tony Yin, a technology coverage specialist, and Julia Xiao, a
figurehead in corporate finance.

In
addition, JPMorgan Chase plans to bid farewell to 1,000 employees after
acquiring the failed First Republic Bank (FRB). As reported by Finance
Magnates
, the cut will primarily affect people from the newly acquired
unit, potentially impacting one in five of its existing employees.

UBS remains
the dubious record holder in layoffs
. In April, news surfaced that the institution is prepared to cut employment by 36,000 following its acquisition of Swiss Credit Suisse.

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