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Standard Bank to cut London jobs

Nov 11 2012 18:55
Reuters

Company Data

STANDARD BANK GROUP LIMITED [JSE:SBK]

Last traded 124
Change -4
% Change -3
Cumulative volume 7556208
Market cap 0

Last Updated: 03-05-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Standard Bank [JSE:SBK] said on Friday it would cut up to 15% of its staff in London to save $100m, as Africa's biggest lender scales back operations outside the continent.

The cuts would come in its corporate and investment banking operations internationally, it said.

"At this stage, in London we envisage that this will potentially eliminate between 10% and 15% of... approximately 900 permanent roles," the bank said.

"The process for communicating the impact to our staff in other jurisdictions outside Africa will be completed next week."

The bank has been drastically cutting back its operations outside of Africa.

It had previously aimed to become a top emerging markets bank, but has said it has no longer those ambitions.

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