Article Standard Chartered to close equities business, axe 4,000 retail jobs

[Deepu]

Standard Chartered is closing the bulk of its global equities business and axing 4,000 retail banking jobs as Peter Sands moves to aggressively cut costs to reverse the Asia-focused bank's fortunes, according to a memo seen by Reuters.

As part of a cost-cutting plan, the bank is now dismantling its stock broking, equity research, and equity listing desks worldwide, cutting around 200 jobs and exiting a business that it views as non-core and unprofitable.

That is expected to save the bank around $100 million in 2016, while the memo said the lay-offs at its retail banking division will save $200 million in 2015.

Standard Chartered to close equities business, axe 4,000 retail jobs - Firstpost

 

[Sanjeev]

So are they suffering loss in business

 

[Technoglitch]

every where the layoff

 

[NinadG]

I think Std Chd has good presence in India......So most likely it will affect many Indian jobs......

 

[IndianMascot]

Again Indians will suffer because of these companies having shortsighted vision.

These jerk companies can't figure out future of their performance and end up screwing human beings.

 

[DashMajor]

Because of these short vision companies we suffers a lot. They start aggressively and after getting a bit of loss these cowards start taking the step behind.

 

[NinadG]

It also depends on foreign govt policies to force MNCs to increase workforce in their home countries.
There is a lot of effort being done by countries like US & Britain to retain employment in their countries.
Due to rise in automation, this seems to continue & increase further......

 

[IndianMascot]

Or is this done intentionally by western forces to create Unemployment havoc in India.

 

[NinadG]

In an interview published last year, Google chairman Eric Schimdt said that due to increased use of intelligent automation s/w, many jobs would become redundant in next 3-4 years......& there would be no value even for multiple degrees.......
So with an eyesight on the future, countries like America are becoming increasingly aggressive to force companies to create jobs in their countries......which results in job cuttings in India.......
America has claimed lowest unemployment rate in the decade because of these policies & effectively nullifying H1 cat visa.......

 

[Technoglitch]

gone are the days of MNCs job stabilites and job secure is another factor to worry about.