This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-30721779

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Standard Chartered to axe cash equities business Standard Chartered to cut more jobs
(about 4 hours later)
Standard Chartered has said it will shut its equities business and axe jobs in a continued effort to cut costs and boost profits. Standard Chartered has said it will axe jobs and shut its equities business in a continued effort to cut costs and boost profits.
The Asia-focused lender said on Thursday the move would help it save some $100m (£66.2m) in 2016.The Asia-focused lender said on Thursday the move would help it save some $100m (£66.2m) in 2016.
It also said it plans to shed another 2,000 positions in its retail banking division, on top of the 2,000 already announced.It also said it plans to shed another 2,000 positions in its retail banking division, on top of the 2,000 already announced.
The bank issued three profit warnings last year.The bank issued three profit warnings last year.
It posted a 16% fall in operating profit in October last year due to a restructuring of its South Korean business and an increase in bad loans.It posted a 16% fall in operating profit in October last year due to a restructuring of its South Korean business and an increase in bad loans.
The bank's Hong Kong-listed shares were up more than 2% on Thursday as investors welcomed the cost-cutting news.The bank's Hong Kong-listed shares were up more than 2% on Thursday as investors welcomed the cost-cutting news.
Job cutsJob cuts
Standard Chartered told its investors in November last year it would try to deliver $400m in cost savings this year.Standard Chartered told its investors in November last year it would try to deliver $400m in cost savings this year.
It said on Thursday it was on track to deliver those savings.It said on Thursday it was on track to deliver those savings.
Some 2,000 job cuts had been announced or completed in its retail sector over the last three months, the lender said, "with a reduction of a further 2,000 expected during 2015."Some 2,000 job cuts had been announced or completed in its retail sector over the last three months, the lender said, "with a reduction of a further 2,000 expected during 2015."
The bank also said in November that it would close up to 100 bank branches in 2015 in Asia, Africa and the Middle East in an attempt to boost its profitability.The bank also said in November that it would close up to 100 bank branches in 2015 in Asia, Africa and the Middle East in an attempt to boost its profitability.
On Thursday it said it had made "good progress in closing 22 branches in the second half of 2014" and that it was on track to close up to 100.On Thursday it said it had made "good progress in closing 22 branches in the second half of 2014" and that it was on track to close up to 100.
Steven Chan, an analyst at Maybank Kim Eng Securities in Hong Kong said the moves "would certainly help improve the bank's profits."Steven Chan, an analyst at Maybank Kim Eng Securities in Hong Kong said the moves "would certainly help improve the bank's profits."