Standard Chartered reportedly set to cut 10% of staff in corporate banking division

Standard Chartered is allegedly set to slash approximately 10% of its corporate and institutional banking staff worldwide, as the banking giant seeks to cut costs amid plans for a radical overhaul of its operations.

According to sources quoted by Reuters, the bank will begin to roll out job cuts from next week, with positions set to go in both Hong Kong and Singapore, two of Standard Chartered's main operational hubs.

The bank, which employed 84,477 worldwide as of the end of June, makes the majority of its revenue from its corporate and institutional banking business.

"We are making our corporate and institutional banking division more efficient," a Standard Chartered spokesman said.

"Removing duplication in roles and managing our costs to protect planned investments in technology and people means that a small number of existing roles will be impacted."

Earlier this month, the group posted third quarter figures which fell short of forecast, prompting chief Bill Winters to describe the lender's profit and income as unacceptable.

Meanwhile, in a separate statement, the London-listed bank announced Ajay Kanwal, the group's CEO for Southeast Asian operations will step down with immediate effect and will be replaced by Anna Marrs, the CEO of commercial and private banking, who will retain her current role.

Kanwal, who joined the lender 24 years ago, resigned after failing to disclose his past personal investments, Standard Chartered said in a statement.