Standard Chartered to cut 15,000 jobs after $139m loss

The Group says its "disappointing" third quarter operating loss reflects de-risking initiatives and challenging conditions in key markets including due to depressed commodity prices and the broader impact of the slowdown in China.

Income of $12.2 billion year to date was down 12%, while revenue of $3.7 billion was down 18% year on year.

Regulatory costs of $690 million also rose 44% year on year following a step up in investment into financial crime risk compliance capability in Q4 2014.

Standard Chartered have now announced a new strategy to create a "lean, focused and more profitable bank".

This includes $100bn of assets which will be restructured or exited and a "simplified organisational structure" which will include cutting 15,000 roles by 2018.

Bill Winters, Group Chief Executive, commented:

“The business environment in our markets remains challenging and our recent performance is disappointing. 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. We will execute as quickly as possible to get through this transition phase, start delivering improved performance, and ensure our people are focused on providing value to our clients across Asia, Africa and the Middle East.”