According to media reports out of the UK, Standard Chartered is said to be planning to cut up to 25 percent of their senior management.
The news comes, according to a person with knowledge of the decision, as the bank fights hard to put an end to a two-year profit slide.
The bank plans to let go some of the 4,000 staff who are ranked in bands one to four, ranging from board members to managing directors, Chief Executive Officer Bill Winters allegedly said in a memo to staff on Wednesday. The bank will also sell assets and cut clients as part of the strategic review, according to an insider.
"Bill's note to staff earlier this week is an update on what we said we were going to do," Standard Chartered said in an e-mailed statement on Friday. "In it, he has made it clear that kickstarting performance is a priority, and we are not standing still. On headcount, as we have said previously, when we announced the management team and organizational changes in July, we indicated that there would be further personnel changes to come, as we simplify our organizational structure."
