Standard Chartered PLC is planning to cut up 1,000 top jobs at the bank in a drive to reduce costs, Reuters reported on Friday. According to a memo sent to Standard Chartered staff and seen by the news outlet, the company’s new chief executive Bill Winters plans to ax the number of staff who are in the 1-4 bands by 25%. There are about 4,000 employees in those bands, covering board members and bankers at managing director level. The memo also detailed plans to make disposals and cut clients as part of Winters’s turnaround plan. Shares of Standard Chartered were up 5.6% in mid-morning London trade. A representative from the bank didn’t immediately respond.
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