The layoffs will be spread across all major operating centers beginning with Singapore and Hong Kong, sources with direct knowledge of the matter told Reuters.
A Standard Chartered spokesman was quoted by the publication as saying: “We are making our corporate and institutional banking division more efficient.
"Removing duplication in roles and managing our costs to protect planned investments in technology and people means that a small number of existing roles will be impacted."
However, the spokesman did not disclose the number of job cuts.
The bank’s headcount stood at 84,500 by the end of the first half of 2016, down 1,500 compared to the same period a year earlier.
For the third quarter ended September, the bank witnessed 7.5% decline in the revenue of its corporate and institutional banking income unit.
The bank’s chief executive Bill Winters has already announced plans to shutdown its equity trading unit and raise $5.1bn in capital.
The UK multinational banking major posted a loss of $1.5bn in 2015, recorded its first annual loss in 26 years.
In November last year, the bank announced plans to slash 15,000 jobs in order to simplify its organizational structure by 2018.
It also committed to invest $3bn on new technology, and to upgrade regulatory and conduct systems over the next three years for long-term and sustainable growth.
But the bank returned to profit in the first half of this year, helped by restructuring measures and fewer bad loans.
Image: Standard Chartered Bank China in Guangzhou. Photo: courtesy of Chintunglee / Wikimedia Commons.
