StanChart to prune part of operations in India

Standard Chartered (StanChart) Bank, the largest foreign lender in India in terms of branches, has decided to reduce its unsecured retail and corporate business in India as a part of its global restructuring exercise that will cut 15,000 jobs worldwide.

It is not immediately known how many jobs in India will be affected for the Asia-focused bank.

Among corporates, the bank has the largest exposure to the infrastructure sector at Rs 9,858 crore, followed by metals at Rs 7,255 crore and then engineering at Rs 6,403 core.

Bill Winters, who was made the CEO of the British lender in June, described the restructuring as an “aggressive and decisive set of actions” to shore up the company.


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