Standard Bank Group Ltd. said it may cut as many as 135 jobs in its corporate and investment bank in London to reduce costs amid “challenging” economic conditions and increased regulation.
Africa’s largest lender may eliminate between 10 percent to 15 percent of its 900 permanent positions in London, Johannesburg-based Standard Bank said in an e-mailed statement today. The cuts could help remove about $100 million of costs as it scales back products and geographies in its corporate and investment bank globally, it said.
“We continue to seek ways to simplify our business, reduce our cost base and improve profitability,” said David Munro, chief executive officer of the corporate and investment bank, in the statement.
International financial firms, with securities trading hubs in London, are cutting positions amid volatile markets and increased regulation including Basel III capital rules. UBS AG (UBSN) plans to cut 10,000 jobs as Switzerland’s largest lender shrinks its investment bank. About 100 traders at its fixed-income unit in London were put on leave, a person briefed on the plan said last month.
To contact the reporters on this story: Ambereen Choudhury in London at firstname.lastname@example.org
To contact the editor responsible for this story: Edward Evans at email@example.com