CONFIRMED: Standard Chartered is axing 15,000 jobs wants to raise $5.1 billion
Getty
It also plans to identify and reduce or exit around $100 billion in underperforming or risky assets.
The UK listed bank derives 90% of its profits from Asia and originally reports in US dollars.
Standard Chartered said in its interim management statement that its third quarter was "disappointing" after posting a $139 million operating loss for the three months to the end of September.
One year ago, it made a profit of $1.5 billion.
"The business environment in our markets remains challenging and our recent performance is disappointing. Today we have announced a strategy that makes big changes to how we will manage ourselves going forward," said Bill Winters, Group Chief Executive of Standard Chartered.
"We are positioning the Group for improved return on equity on a strengthened capital base. We will execute as quickly as possible to get through this transition phase, start delivering improved performance, and ensure our people are focused on providing value to our clients across Asia, Africa and the Middle East."
Back in March, the emerging markets bank tried to calm investors' nerves and get the banking behemoth back to profitability, by a range of cost cutting measures. It stated that it planned to reduce headcount and and exit "15 underperforming and non-strategic businesses" and make a change to its leadership.
Its strategy plan included replacing Standard Chartered's former CEO Peter Sands with Bill Winters, the man who was famously sacked by Jamie Dimon for flagging up the massive trading risks JPMorgan was taking years ago.
On October 29, Bloomberg reported that the amount in question for capital raising would run to at least $4 billion and could run to $8 billion.
As a bank with colossal exposure to developing economies in Asia, it's felt the slowdown of the region and emerging markets more generally. Bloomberg added that the decision over whether to raise the capital came after the Bank of England published results from its latest round of stress tests are published at the beginning of September.
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- 2 states where home prices are falling because there are too many houses and not enough buyers
- "To sit and talk in the box...!" Kohli's message to critics as RCB wrecks GT in IPL Match 45
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market