LONDON: Standard Chartered, the Asia-focused UK bank, is to cut 15,000 jobs by 2018 and raise $5.1bn (£3.3bn) to create a “focused and well-capitalised” group.
About $3bn being raised in the rights issue will cover reorganisation costs.
The remainder will be used to strengthen the bank’s balance sheet.
The restructuring was announced as Standard Chartered reported a “disappointing” third-quarter pre-tax loss of $139m for the three months to September.
ISLAMABAD: Electricity consumers may face higher power bills starting in May, as power distribution companies have requested the national energy...
ISLAMABAD: Pakistan has re-entered the international financial market after a gap of four years by successfully issuing a $500 million...
FAISALABAD: Officials from Pakistan Customs have urged exporters to fully utilise the Export Facilitation Scheme (EFS), highlighting that businesses at...
ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, concluded final day of IMF-WB Spring Meetings in Washington. He...
