Standard Chartered CEO reportedly planning to cut up to 1,000 jobs

Standard Chartered’s new chief executive Bill Winters is reportedly planning to cut up to a quarter of the bank’s most senior staff in a bid to reduce costs.

According to Reuters, which cited an internal memo sent to staff, the move will likely result in the loss of around 1,000 jobs.

Reuters said Winters planned to reduce the number of staff who are graded in bands 1-4, which span board members to senior bankers at managing director level.

Winters, who took over as CEO in June and is expected to outline his plans to investors and staff in November or December, said the bank would also make disposals and cut clients as part of his strategic review.

The businesses considered for sale would be in areas where the bank was "not differentiated" or "not critical to a core strength", Winters said in the memo.

He also outlined plans for turning the bank around and said it needs to tighten its belt through targeted reductions and not across-the-board cuts, Reuters said.

"Our situation requires decisive and immediate action. Each member of the management team has a mission to drive through improvements in our returns and part of this will be further streamlining of our organisation, eliminating management layers and duplication of roles."

At 1017 BST, StanChart shares were up 3.1% at 771.60p.