| James Kon |
STANDARD Chartered Bank (SCB) Brunei will not be affected by the announcement made yesterday by Standard Chartered Chief Executive, Peter Sands, to close the bank’s global equities business and retrench as part of the bank’s cost cutting plans.
This was confirmed by an official from SCB Brunei after concerns were raised.
SCB Brunei does not offer equities services in Brunei Darussalam and there will not be any job cutting on the retail side of the bank, according to the official.
Established in Brunei Darussalam in April 1958, SCB Brunei is one of the leading international banks in the country and leads through product innovation, consistent and strong growth performances and sustainable initiatives.
Reuters yesterday reported that Standard Chartered Chief Executive, Peter Sands, has moved aggressively to reverse the Asia-focused lender’s fortunes by closing the bulk of its global equities business as well as announcing 4,000 job losses in retail banking.
The bank said in a statement that it is dismantling its stock broking, 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.
In its retail banking division, Standard Chartered said it has cut or announced the cutting of 2,000 jobs in the last three months, and plans to axe a further 2,000 over the course of this year.
The move forms part of a cost cutting plan the bank announced last October that is targeting $400 million in savings this year, as it tries to bounce back after seeing its share price slump more than 40 per cent over the past two years.