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Tue 10 Nov 2015 04:05 PM

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Standard Chartered said to axe some senior execs in Dubai

UK-based lender has reportedly cut 11 sales and trading jobs in Dubai, including four managing director roles

Standard Chartered said to axe some senior execs in Dubai
(AFP/Getty Images - for illustrative purposes only)

Standard Chartered has reportedly cut 11 sales and trading jobs in Dubai, including four managing director roles.

Sources told Bloomberg that the UK-based lender has removed Vikrant Bhansali, regional head of institutional sales; Farhan Aziz, head of credit solutions and Jillian Correa, regional head of flow, from their positions.

Standard Chartered has "acted to reduce management layers at a global level, and as a result, will have up to 25 percent fewer senior staff", the bank was quoted as saying in a statement sent to Bloomberg.

It added that the company’s new structure will be effective from January 1 and that "changes are still work in progress".

Standard Chartered this month announced 15,000 job losses to help save $2.9 billion by 2018.

The bank, which makes most of its earnings in Asia, plans to cut as many as 250 of about 1,000 managing directors, with about 50 of those positions in the bank’s Middle East and North Africa operations, sources were quoted as saying.

Last year, Standard Chartered said it was set to cull an unspecified number of branches in the Middle East, as part of plans to cut up to 100 locations in emerging markets in 2015 in a bid to save $400 million.

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