Standard Bank to cut jobs in corporate, investment banking units outside Africa.

By bne IntelliNews November 12, 2012
South Africa-based Standard Bank plans to reduce the staff number at its corporate and investment banking subsidiaries outside Africa in line with a cost cutting initiative aimed at achieving savings of about USD 100mn from its international operations, BDay Live reported. As part of the cost reduction plan, the bank expects to eliminate between 10% and 15% of its approximately 900 permanent roles in London, its CEO Jenny Knott was quoted as saying. "The process for communicating the impact to our staff in our other jurisdictions outside Africa will be completed next week," he added. Standard Bank, the biggest bank in Africa by assets, is restructuring its international corporate and investment banking business in response to the challenging global economic climate and evolving regulatory regime for banks. The banks goal is to simplify the business, cut its costs and improve its profitability while keeping its services to its targeted client base.
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