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Standard Chartered cuts jobs in UAE retail bank: sources

Stock MarketsDec 10, 2018 01:50AM ET
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© Reuters. People pass by the logo of Standard Chartered plc at the SIBOS banking and financial conference in Toronto

By Tom Arnold and Davide Barbuscia

DUBAI (Reuters) - Standard Chartered (L:STAN) is cutting jobs in its retail bank in the United Arab Emirates, in part as more customers move to digital services, people familiar with the matter told Reuters.

The bank has also reduced headcount within other sectors of the bank, including corporate and commercial divisions, as part of a global shake-up, said two of the people.

"Standard Chartered has made substantial progress in executing the transformation plan laid out in 2015; we will set out how we will develop the group and deliver higher returns at our-full year 2018 results in February," it said in a statement.

The statement did not give any details on job cuts.

The bank is making changes to its retail business, including encouraging its customers to move to digital services, two other sources said. The UAE already has high digital penetration rates among customers compared to some other countries where the bank has a presence, the sources added.

It is also focusing on building its priority and premium retail banking businesses, one of the sources said.

The bank has eight branches in the UAE, its website shows.

Chief Executive Bill Winters is overseeing a broader strategic overhaul at the bank aimed at reining in costs and delivering better returns in the medium term.

Standard Chartered cuts jobs in UAE retail bank: sources
 

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