Standard Chartered, a Britain-based banking group, will invest more than $3 billion over the next three years into strategic opportunities, delivering new technology, and upgrading its regulatory and conduct systems.
“This comprehensive program of actions will result in a lean, focused and well capitalized international bank, poised for growth across our dynamic and growing markets in Asia, Africa and the Middle East,” said Standard Chartered Group Chief Executive Bill Winters.
Standard Chartered would also cut 15,000 jobs by 2018 and raise 3.3 billion pounds or $5.1 billion to make it a more profitable bank. The job cuts will be part of a restructuring program to take place over the next three years. The British bank gave few details about the staff reductions.
The restructuring plan was announced after a disappointing third-quarter loss. The London bank posted its pre-tax quarterly loss of $139 million compared to a $1.53 billion profit a year earlier.
“The business environment in our markets remains challenging and our recent performance is disappointing,” said Winters. “Today we have announced a strategy that makes big changes to how we will manage ourselves going forward. We are positioning the group for improved return on equity on a strengthened capital base.”