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StanChart to axe 4 000 retail bank jobs

Hong Kong- Standard Chartered will axe 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 CEO Peter Sands hopes will return the bank to past glory.

The memo said 2 000 of the cuts have already been made or announced, with 2 000 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 $200m 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 $100m of savings next year, the memo also said.

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