Standard Chartered to slash investment banking staff in Singapore

It's part of the bank's 15,000 job-cut program in Asia.

Standard Chartered Plc is cutting about 10 percent of the staff in its corporate and institutional division as part of a plan announced last year to eliminate 15,000 jobs and improve profitability at the Asia-focused bank, according to a person familiar with the plans.

Staff will be notified of the cuts starting this week, and jobs will be lost in units such as corporate finance and trade financing in offices including Singapore and Hong Kong, said the person, who asked not to be identified because the information isn’t public. The unit, which houses the investment bank, has been run by Simon Cooper since April after he was recruited from HSBC Holdings Plc. Reuters reported the cuts earlier.

Read more here from Bloomberg.