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.
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