StanChart to cut about 1,000 top staff

Standard Chartered’s new Chief Executive Bill Winters plans to cut about 1,000 of the bank’s most senior staff to reduce costs, according to a memo sent to staff, as he battles to revive the bank following a sharp drop in profits.

The cull shows the scale of the overhaul Winters is planning at the Asia-focused bank, which he has said needs to speed up decision-making on costs, people and strategy, and improve its risk management and profitability.