LONDON: Standard Chartered Plc said it will cut 15,000 jobs and raise £3.3bil (US$5.1bil) in a rights offer after posting a surprise loss as loan impairments in India soared. Shares of the lender plunged.
The bank pledged savings of US$2.9bil by 2018 and will restructure or exit US$100bil of assets, according to a statement yesterday. Standard Chartered’s shares fell as much as 6.2% in Hong Kong after the announcement of a US$139mil pre-tax loss for the third quarter, extending this year’s decline to 31%.
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