The Standard Chartered equities business, and its staff, are packing it in. At least one guy, not among those being told to clean out his desk, has wondered aloud what the hell took them so long. Seriously, if it was him, he would've been passing out boxes and booking conference rooms for awkward conversations like a year ago.
The U.K. based, Asia-focused lender is closing its cash equities, equity research and equities capital markets business, which it said have been unprofitable, resulting in 200 jobs being cut, mostly in Asia. The move will save the bank $100 million, it said in a statement Thursday. The bank will keep its convertible bond and equity-derivatives business, along with economic and foreign exchange and bond market research, it said. In its retail bank, 2,000 staff have been cut in recent months, with plans to lose another 2,000 mostly Asia-based positions during 2015, mainly by not replacing departing staff. Together with branch closures that are also under way, the retail cuts will save $200 million...Shutting the stock business “makes sense” said James Antos, a banking analyst at Mizuho Securities Asia Ltd. “They should have done it a year ago.”