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Kenya: Standard Chartered chief executive Peter Sands moved aggressively on Thursday to reverse the Asia-focused lender’s fortunes by closing the bulk of its global equities business and announcing 4,000 job losses in retail banking.
The bank said it is dismantling its stockbroking, equity research and equity listing desks worldwide, leading to 200 job cuts as it exits an unprofitable business in which it had failed to build scale. Almost all the job losses are in Asia. However, the bank did not indicate how this will affect the Kenyan subsidiary.
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