Standard Chartered’s decision to abandon its loss-making global equities businesses marks an abrupt end to a bold and expensive five-year expansion that struggled to make headway in competitive Asian markets.
The UK-based emerging markets bank said on Thursday it will close its global institutional cash equities, equity research and equity capital markets businesses.
StanChart’s move effective immediately will result in 200 job cuts, mostly in Hong Kong, Singapore, Korea, India and Indonesia, with minimal reductions in the UK and US.
StanChart has sensibly decided to reduce the scope of its product ambitions, said Jason Napier, an analyst at Deutsche Bank....
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