HONG KONG: Asia-focused British bank Standard Chartered said Tuesday it would axe 15,000 jobs and raise $5.1 billion in capital after posting a "disappointing" third-quarter loss as it struggles to return to growth.
The job losses are part of a major restructuring that will cost around $3 billion, the bank said.
A Standard Chartered spokeswoman said she could not give any further details of the job cuts.
More than half of the restructuring costs would come from potential losses on liquidating assets and businesses, the bank said in a statement.