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Old 08-01-2015, 11:20 AM   #2830
felixleong
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Join Date: Aug 2008
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Standard Chartered Said to Shut Global Equities Business
2015-01-08 02:23:46.641 GMT


By Joyce Koh and Fox Hu
(Bloomberg) -- Standard Chartered Plc is closing its global
equities business, according to people with knowledge of the
matter.
Operations to be shut include cash equities, equity capital
markets and equity research, said the people, who asked not to
be identified discussing a private matter. The London-based
company will keep its convertible bonds and equity derivatives
businesses, said one of the people.
The closures will affect more than 200 people in Asia,
another person said. Piers Townsend, a spokesman for the company
in Singapore, declined to comment.
Chief Executive Officer Peter Sands is targeting about $400
million of cost savings this year as he tries to reverse profit
declines. The bank posted a 16 percent drop in third-quarter
pretax profit to $1.53 billion from a year earlier as
impairments for bad loans almost doubled and regulatory and
compliance costs increased.
Shares of the U.K. bank rose as much as 2.2 percent in Hong
Kong, the biggest gain in almost three weeks, and traded at
HK$113.40 at 10:12 a.m. local time.
Separately, Standard Chartered will this quarter reduce its
headcount in Malaysia by 11 percent, according to a memo
obtained by Bloomberg News.

For Related News and Information:
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--With assistance from Darren Boey and Philip Lagerkranser in
Hong Kong.

To contact the reporters on this story:
Joyce Koh in Singapore at +65-6311-2485 or
jkoh38@bloomberg.net;
Fox Hu in Hong Kong at +852-2977-6631 or
fhu7@bloomberg.net
To contact the editors responsible for this story:
Paul Panckhurst at +852-2977-6603 or
ppanckhurst@bloomberg.net;
Philip Lagerkranser at +852-2977-6626 or
lagerkranser@bloomberg.net
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