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.

Winters said he planned to reduce by a quarter the number of staff graded in bands 1 to 4, the memo seen by Reuters said. Those bands cover bankers at director level and higher and include about 4,000 staff. “Our situation requires decisive and immediate action,” Winters told staff.

“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.” Winters, a former JP Morgan investment bank boss who took over in June after the ousting of predecessor Peter Sands, said the bank would also make disposals and cut clients.