Standard Chartered To Cut 15000 Jobs

marketsforu

British bank Standard Chartered announced today that it is to cut 15,000 jobs (17%) of it’s workforce by 2018. The bank which focuses predominantly on Asia is aiming to raise $5.1bn (£3.3bn) with the majority coming via a rights issue to create a "focused and well-capitalised" group.  

Shares trading on the London Stock Exchange are down sharply on the back of this news, currently -9.75% for the day at 6.4360



 As you can clearly see from this chart, it’s been a tough 2015 thus far for Standard Chartered as the bank’s operations has been severely damaged by the Chinese economic slowdown.