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Standard Chartered to slash 1,000 top jobs

Standard Chartered PLC STAN, -1.58%2888, +1.33% is planning to cut up to 1,000 top jobs at the bank in a drive to reduce costs, the emerging-markets focused bank said on Friday. In a memo sent out to staff, new chief Executive Bill Winters laid out plans to cut a quarter of some of its most senior staff, including board members and bankers at managing director level. "Bill's note to staff is an update on what we said we were going to do. In it, he has made it clear that kick-starting performance is a priority, and we are not standing still," the bank said in emailed comments to MarketWatch on Friday. "We have already acted to reduce management layers, and a result will have up to 25% fewer senior staff," it said. Shares of Standard Chartered were up 2.9% in mid-morning London trade.

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