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COVID-19 impact | Standard Chartered to lay off hundreds worldwide

Standard Chartered PLC is in the process of beginning a fresh round of layoffs. The London-based lender has finalized list of several hundred employees who will be let go. Moreover, a cutback programme is also underway. The company employs about 85,000 people worldwide. Those losing their jobs will continue to receive the salary until the end of 2020 in addition to a severance payment, the bank said. Locations likely to be impacted by the layoffs include London, New York and Singapore. The lender is reportedly facing pressure from investors to reduce costs to improve returns to boost its share price.

Read More at Moneycontrol News date : 30 Jul 2020, Thursday

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