Europe's Biggest Banks Are Cutting 30,000 Jobs
- Third bank in two weeks to announce a major overhaul
- European banks are still playing post-crisis `catch up'
Standard Chartered’s Workforce to Shrink by 17%
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Standard Chartered Plc became the third European bank in less than two weeks to announce sweeping job cuts, bringing the total planned reductions to more than 30,000, or almost one in seven positions.
The London-based firm said Tuesday it will eliminate 15,000 jobs, or 17 percent of its workforce, as soaring bad loans in emerging markets hurt earnings. Deutsche Bank AG, based in Frankfurt, last week announced plans for 11,000 job cuts, while Credit Suisse Group AG said it would trim as many as 5,600 employees.