HONG KONG (Reuters) - Standard Chartered (STAN.L)(2888.HK) said on Monday it plans to exit from its equity derivatives and convertible bonds businesses, following a step earlier this year to close the bulk of its global equities operations.
The move is part of a plan to cut costs and focus on using capital more efficiently, it added in a statement. The wind-down will take place “in a phased manner”.
Standard Chartered’s decision comes several months after the Asia-focused bank unveiled plans to ax thousands of jobs globally as it dismantled its stock broking, equity research and equity listing desks worldwide.
Reporting by Lawrence White; Writing by Elzio Barreto; Editing by Stephen Coates