Standard Chartered to raise $1.5 billion, slash 15,000 jobs
November 3, 2015 8:33 am
To make the group lean, focused, and well-capitalized, Standard Chartered Plc is set to generate $1.5 billion through rights issue and cut 15,000 jobs.
Around $3.2 billion to be raised will be allocated for reorganization costs, while the remainder will be used to bolster its balance sheet.
The British bank unveiled its restructuring plan following it reported a tax loss of $139 million in the third quarter, compared with a profit of $1.5 billion for the same period a year ago. Revenue dropped 18.4% to $3.68 billion and losses on bad loans nearly doubled to $1.23 billion for the quarter.
Standard Chartered gave few information about job layoffs, to take effect over the next three years, but the move could include businesses it plans to sell. As of present, the company has 86,000 employees.
The material has been provided by InstaForex Company – www.instaforex.com
To make the group lean, focused, and well-capitalized, Standard Chartered Plc is set to generate $1.5 billion through rights issue and cut 15,000 jobs.
Around $3.2 billion to be raised will be allocated for reorganization costs, while the remainder will be used to bolster its balance sheet.
The British bank unveiled its restructuring plan following it reported a tax loss of $139 million in the third quarter, compared with a profit of $1.5 billion for the same period a year ago. Revenue dropped 18.4% to $3.68 billion and losses on bad loans nearly doubled to $1.23 billion for the quarter.
Standard Chartered gave few information about job layoffs, to take effect over the next three years, but the move could include businesses it plans to sell. As of present, the company has 86,000 employees.
The material has been provided by InstaForex Company – www.instaforex.com
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