Standard Chartered has announced cost-cutting as part of a planned restructure, and will cut its retail banking services in countries such as India, Indonesia, South Korea and the United Arab Emirates, to focus more on wealth and digital banking. The plans were announced by CEO Bill Winters, who reported a $618m fall in net profit last year from $774m in 2017. Revenue rose 5% to $15bn in the next two years. Winters said the bank would cut $700m from costs in 2018 through job cuts and improved productivity.
Standard Chartered has announced cost-cutting as part of a planned restructure, and will cut its retail banking services in countries such as India, Indonesia, South Korea and the United Arab Emirates, to focus more on wealth and digital banking. The plans were announced by CEO Bill Winters, who reported a $618m fall in net profit last year from $774m in 2017. Revenue rose 5% to $15bn in 2018. Winters said the bank would cut $700m from costs in the next two years through job cuts and improved productivity.