Standard Chartered moves to cut Dubai and Singapore jobs

Employees in the priority banking business will be affected.

Bloomberg reports that Standard Chartered is laying off employees in Dubai and Singapore as part of its overall cost-cutting and restructuring effort.

Also read: Standard Chartered to split Asia operations into Hong Kong and Singapore hubs

As many as 100 positions may be hit in Dubai which includes a number of senior roles although the final number has yet to be finalised, sources told Bloomberg.

The eliminations would also include leadership at the bank's priority banking business as Standard Chartered CEO Bill Winters seeks alternatives to boost growth and improve operational performance.

A representative for Standard Chartered said the company has made “substantial progress in executing the transformation plan laid out in 2015” and will unveil its strategy for improving returns at its full-year results in February. The bank had about 86,000 employees as of end-June.

Here's more from Bloomberg:

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