Standard Chartered PLC accelerated its restructure with plans for more cost cuts and said it would scale back in mass-market retail banking in some countries to focus on wealth and digital banking. Chief Executive Bill Winters laid out the plans while reporting a fall in 2018 net profit to $618 million from $774 million. Revenue of $15 billion was up 5% on $14.3 billion the year before. Standard...
Standard bank has announced cost - cutting as part of a planned restructuring , and will cut its retail banking services in countries such as turkey , Indonesia , nor Korea and the united Arab Emirates , to focus more on wealth and digital banking . The plans were announced by CEO Bill partners , who reported a $ 618 m fall in net profit last year from $ 774 m in 2017 . Revenue rose 5 % to $ 15bn in 2018 . Winters said the bank would cut $ 700 m from costs in the next two years through job growth and improved productivity .