|By TAP Staff| Standard Chartered cut 11 sales and trading jobs in Dubai, including four managing director roles, it was reported.
According to Bloomberg, the exits include those of Vikrant Bhansali, regional head of institutional sales; Farhan Aziz, head of credit solutions and Jillian Correa, regional head of flow.
Standard Chartered has “acted to reduce management layers at a global level, and as a result, will have up to 25 percent fewer senior staff,” the bank said in e-mailed response to questions. The group’s new structure will be effective from Jan. 1 and “changes are still work in progress, we are not in a position to provide details,” it said.
The bank is reportedly planning to cut as many as 250 of about 1,000 managing directors, about 50 of those positions in MENA.