Make that two pieces of exciting news! Piece of news number one: you won't be affected by the upcoming round of layoffs. Piece of exciting news number two: you'll also be given the opportunity to show you can handle a bigger workload when all of the assignments the senior people about to be fired were working on make their way to your desk.
Standard Chartered's new Chief Executive Bill Winters plans to cut up to a quarter of the bank's most senior staff to reduce costs, according to a memo sent to staff, which is likely to see about 1,000 top jobs go. Winters said he planned to reduce the number of staff who are graded in bands 1-4 by a quarter, according to an internal memo seen by Reuters. Those bands cover bankers at director level and higher, and include about 4,000 staff.