Monday 26 August 2019

Fears for Irish jobs as Standard Chartered set to cut 15,000 jobs worldwide

Michael Cogley

Irish jobs at Asia-focused British bank, Standard Chartered, may be at risk as the institution looks to cut 15,000 positions across its global network over the next three years.

The bank announced the cuts as part of a new strategy that aims to make the bank more streamlined after it reported a pre-tax loss of $139m in the third quarter of its financial year.

Standard Chartered has an aviation finance business here in Ireland. The company's aviation wing is based in Dublin with regional offices located in Hong Kong, Limerick, London and Singapore.

The losses in the bank, which is looking to raise $5.1bn in new capital, are partly attributable to falling commodity prices and the challenging conditions of certain markets, most notably China.

Chief executive at Standard, Bill Winters, said that the programme, of which the cuts are a part of, will help the bank in becoming leaner.

"This comprehensive programme of actions will result in a lean, focused and well capitalised international bank, poised for growth across our dynamic and growing markets in Asia, Africa and the Middle East.

"We have an outstanding franchise at the heart of this bank, and we are focused on taking advantage of it," Mr Winters said.

As part of the strategy the bank revealed that it would be investing more than $3bn over the next three years into strategic opportunities, delivering new technology, and upgrading its regulatory and conduct systems.

In a statement released to shareholders the bank references the job cuts but doesn't say at which locations they will be made in.

In October Mr Winters released an internal memo which indicated that he intended to cut about 1,000 staff. Whether or not those cuts are included in the 15,000 announced today is uncertain.

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