[lalalalalala]

Honestly after this stunt will scb shares drop summore?

[felixleong]

HONG KONG - Standard Chartered is closing the bulk of its global equities business and axing 4,000 retail banking jobs as Peter Sands moves to aggressively cut costs to reverse the Asia-focused bank's fortunes, according to a memo seen by Reuters.

As part of a cost-cutting plan, the bank is now dismantling its stock broking, equity research, and equity listing desks worldwide, cutting around 200 jobs and exiting a business that it views as non-core and unprofitable.

Standard Chartered axes equities business, retail jobs in cost cut push | TODAYonline

[felixleong]

felixleong wrote:

HONG KONG - Standard Chartered is closing the bulk of its global equities business and axing 4,000 retail banking jobs as Peter Sands moves to aggressively cut costs to reverse the Asia-focused bank's fortunes, according to a memo seen by Reuters.

As part of a cost-cutting plan, the bank is now dismantling its stock broking, equity research, and equity listing desks worldwide, cutting around 200 jobs and exiting a business that it views as non-core and unprofitable.

Standard Chartered axes equities business, retail jobs in cost cut push | TODAYonline

think best is u all call SCB hotline and get a firm answer man... dun wait tio smoke sia

[Sinkie]

felixleong wrote:

hm.. sometimes can discuss one, example if u holding a lot of shares (big player), you want to move from one house to another, the receiving house in order to win your business may consider absorbing all your fees (must discuss with your broker)

That's providing there's constant trading activities then the custodian fee will be waived and also the rights to negotiate ba..

But I don't think it will be closed down ba, maybe just cannot sell but I guess they will also start charging custodian fee le

[felixleong]

Sinkie wrote:

That's providing there's constant trading activities then the custodian fee will be waived and also the rights to negotiate ba..

But I don't think it will be closed down ba, maybe just cannot sell but I guess they will also start charging custodian fee le

ya... anyway I think many possibilities la, maybe who knows, they might even sell the business away to another house to generate some money right?

[felixleong]

btw maybe i evil or what sia, i see this kinda news.. really feeling like shorting SCB when london market opens... GG

[lalalalalala]

CSO tell me news is released by third party, max transfer fee is 100.7 or 107sgd per counter (couldn't hear, he speak quite fast). But higher management say SG side will continue to operate.

In a situation where they really liquidate then they might waiver transfers or negotiate the custodian costs

[platopus]

felixleong wrote:

btw maybe i evil or what sia, i see this kinda news.. really feeling like shorting SCB when london market opens... GG

Eh... the HK stanchart shares just rose leh, because it is a move to becoming more profitable.. i think i just read on bloomberg

[Carnesir]

Anyone tried selling scb stocks now??

[Sinkie]

lalalalalala wrote:

CSO tell me news is released by third party, max transfer fee is 100.7 or 107sgd per counter (couldn't hear, he speak quite fast). But higher management say SG side will continue to operate.

In a situation where they really liquidate then they might waiver transfers or negotiate the custodian costs

just wait for further confirmation, no need to panic lah..

even if they are closing down the equity biz, they will give u extended period ie 1 month or 5 month to either sell or deliver out de lahh..

[platopus]

2888:Hong Kong Stock Quote - Standard Chartered PLC - Bloomberg

+2.24%

[Sinkie]

cut money losing biz is actually good news leh

Carnesir wrote:

Anyone tried selling scb stocks now??

Standard Chartered to ax 4,000 retail bank jobs: memo
HONG KONG Wed Jan 7, 2015 10:47pm EST

(Reuters) - Standard Chartered will ax around 4,000 jobs worldwide at its retail banking division, according to an internal memo reviewed by Reuters on Thursday, in a push to achieve the cost cuts that chief executive Peter Sands hopes will return the bank to past glory.

The memo said 2000 of the cuts have already been made or announced, with 2000 more to come.

The memo also confirmed a Reuters report on Thursday that the bank is exiting its global equities business, seen as non-core and underperforming.
The cost cuts in the retail banking segment will deliver cost savings of around $200 million in 2015, half of the total savings identified by Sands as essential to turn the bank around.

The exit from the equities business will generate $100 million of savings next year, the memo also said.

[lalalalalala]

Sinkie wrote:

just wait for further confirmation, no need to panic lah..

even if they are closing down the equity biz, they will give u extended period ie 1 month or 5 month to either sell or deliver out de lahh..

Problem is I bought scb from scb but if its a move to generate greater profits then I should be safe

[Carnesir]

Sinkie wrote:

cut money losing biz is actually good news leh



Standard Chartered to ax 4,000 retail bank jobs: memo
HONG KONG Wed Jan 7, 2015 10:47pm EST

(Reuters) - Standard Chartered will ax around 4,000 jobs worldwide at its retail banking division, according to an internal memo reviewed by Reuters on Thursday, in a push to achieve the cost cuts that chief executive Peter Sands hopes will return the bank to past glory.

The memo said 2000 of the cuts have already been made or announced, with 2000 more to come.

The memo also confirmed a Reuters report on Thursday that the bank is exiting its global equities business, seen as non-core and underperforming.
The cost cuts in the retail banking segment will deliver cost savings of around $200 million in 2015, half of the total savings identified by Sands as essential to turn the bank around.

The exit from the equities business will generate $100 million of savings next year, the memo also said.

As in selling stocks in scb trading platform. I'm taking all my money out and putting into my stock broker Kim eng

[Sinkie]

Carnesir wrote:

As in selling stocks in scb trading platform. I'm taking all my money out and putting into my stock broker Kim eng

well, just wait for official announcement

later sell le, then ended up this no minimun commission scheme will still be around, or maybe they will give free transfer?