15,000 jobs to be cut from second global bank

For the second time this week, a global bank has announced major restructuring which will result in massive job cuts throughout the organisation

15,000 jobs to be cut from second global bank
Standard Chartered has announced it will cut 15,000 roles by 2018 in a move towards a more “simplified organisational structure”.
 
“Within [this 15,000 staff] we have already substantially completed senior staff exits of 1,000 roles; and some will be through attrition,” a bank spokesperson told HRD.
 
They declined to offer further details on the breakdown of these redundancies and how the move would affect the bank’s Singaporean branches.
 
In a statement on their website, the bank said the restructuring, which comes after a third quarter operating loss described as “disappointing”, will cost around US$3 billion (S$4.2 billion).
 
A sizeable portion of these expenses will come from “potential redundancy costs” and goodwill write-downs, the bank said in another statement.
 
"I know a lot of people losing their jobs is not good, [but] from a business point of view, that's what they have to do," Hong Kong-based financial analyst, Jackson Wong, told AFP.
 
This announcement is the latest in a string of large-scale redundancies; Standard Chartered also cut around 2,000 jobs from October to December 2014. The bank currently employs 86,000 staff worldwide.
 
Related stories:
 
Standard Chartered to cut 1,000 senior staff
 
Global bank to cut 35,000 staff
 
Banking slowdown leads to nationwide recruitment shuffle

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