HONG KONG/LONDON: Standard Chartered PLC on Thursday posted a 33% fall in first-half profit after credit impairment charges jumped six-fold as a result of the coronavirus pandemic and economic downturn, and it struck a cautious note for rest of the year.
Indicating cuts in headcount at the bank to further reduce costs, StanChart said it was accelerating some elements of existing projects aimed at creating a leaner organisation as well as developing some new expense reduction initiatives.
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