Standard Chartered Cuts 1,000 Senior Bankers

London-headquartered bank Standard Chartered (BSE: 580001.BO - news) is to cut up to 1,000 jobs among its most senior staff.

The move - aimed at reducing costs - was revealed in a memo to StanChart workers by new chief executive, Bill Winters.

It (Other OTC: ITGL - news) was not revealed where the losses would be felt.

The bank, which is listed in London but focuses its activities in Asia, has been damaged by the economic slowdown that has affected key emerging markets, bad loans and regulatory action in the United States.

Mr Winters, who took over from Peter Sands in June following mounting anger over the bank's performance among shareholders, has been working on a plan to restore profitability and his action to date has included slashing its dividend by half.

He was quoted by Reuters as saying to staff: "Our situation requires decisive and immediate action.

"Each member of the management team has a mission to drive through improvements in our returns and part of this will be further streamlining of our organisation, eliminating management layers and duplication of roles."

Standard Chartered verified the memo and told Sky News: "We said previously there would be further personnel changes to come, as we simplify our organisational structure."

Its shares, which have lost more than 40% of their value since the start of 2014, were up more than 3% during Friday trading.