Trading places, January 12, 2015
Standard Chartered axes equity business
Standard Chartered has announced the closure of its institutional cash equities, equity research and equity capital markets business as it focuses on cutting costs and meeting its savings target of $400 million this year. In a statement, the bank said the closure of the loss-making divisions, which will imply axing 200 jobs, will deliver savings of around $100 million in 2016. StanChart also announced a further reduction of 2,000 staff in its retail
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