StanChart plans to cut 15k jobs, raise $5.1bn

Standard Chartered plans to axe 15,000 jobs and raise $5.1billion by selling new shares as its new chief executive set out a plan to restore profitability after three years of falling profits and strategic mistakes.The bank, regarded as one of the 30 most important in the world, will cut 17% of its workforce to help save $2.9 billion by 2018, and sell or restructure $100 billion of loans, or a third of its total. CEO Bill Winters, a former JPMorgan investment bank boss who took the helm of Standard Chartered in June, described the move as an "aggressive and decisive set of actions" to shore up the bank, which makes two-thirds of its profit in Asia Stock Market Trading Tips

Winters is one of a handful of new European bank CEOs -including at Credit Suisse, Deutsche Bank and Barclays -who must push through big restructuring plans to cut costs and improve profitability in the face of a tougher regulatory landscape, which has made many banking activities unprofitable. 

Standard Chartered's problems were laid bare by news of a third-quarter operating loss of $139 million, weighed down by growing global regulatory costs and rising losses on loans in India. Revenue slumped 18% year-on-year Himanshu Tiwari Astrologer Blog

It was the fifth successive quarter of falling revenue for the bank. Before the results, analysts had expected it to report a $2.9 billion profit this year, compared to $7.5 billion in 2012 -the year when many of its troubles began. 

The bank was fined $667 million that year for breaking US sanctions related to Iran, and New York's powerful banking regulator called it a "rogue institution Commodity Market Astrology Tips