Date
25 July 2017
Standard Chartered has been closing many of its capital market-related businesses in an attempt to cut costs. Photo: Reuters
Standard Chartered has been closing many of its capital market-related businesses in an attempt to cut costs. Photo: Reuters

StanChart to exit equity derivatives, convertible bonds

Standard Chartered (02888.HK) said Monday it plans to exit from its equity derivatives and convertible bonds businesses, Reuters reported.

The bank closed the bulk of its global equities operations earlier this year.

The latest move is part of a plan to cut costs and focus on using capital more efficiently, StanChart said in a statement.

The winding down will take place “in a phased manner”.

The bank’s decision comes several months after the Asia-focused bank unveiled plans to ax thousands of jobs globally as it dismantled its stockbroking, equity research and equity listing desks worldwide.

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