October 26, 2015 / 2:11 AM / 2 years ago

StanChart says to exit equity derivatives, convertibles businesses

HONG KONG (Reuters) - Standard Chartered STAN.L2888.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.

Passersby walk in front of the main branch of Standard Chartered in Hong Kong January 8, 2015. Standard Chartered chief executive Peter Sands moved aggressively on Thursday to reverse the Asia-focused lender's fortunes by closing the bulk of its global equities business and announcing 4,000 job losses in retail banking. REUTERS/Bobby Yip (CHINA - Tags: BUSINESS EMPLOYMENT) - RTR4KIGY

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

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