The Asia-focused bank intends to cut approximately 8% of its global network of more than 1,200 branches to generate annual savings of $400m, to help boost its profitability.
Standard Chartered is under pressure this year to improve performance following three profit warnings combined with a 30% plunge in its shares, as reported by Reuters.
Standard Chartered finance director Andy Halford said: "We recognise our recent performance has been disappointing and are determined to get back on to a trajectory of sustainable, profitable growth, delivering returns above our cost of capital.
"We understand and are responding to the challenges we are facing. You will see further progress in 2015."
In October, the lender reported a 16% decline in third quarter operating profit compared to 2013, and attributed the fall to business restructuring and an increase in bad loans, especially in Asia, as reported by BBC News.
Earlier this year, the bank also reached an agreement with the US regulators to pay $300m for failure to improve its money laundering controls that were first identified in 2012.
