Stan Chart exits equities, 2,000more jobs to be cut

Standard Chartered Plc is closing its institutional equities business, eliminating about 200 jobs ahead of plans to cut 2,000 more staff as Chief Executive Officer Peter Sands tries to turn the UK bank around.

Shutting the loss-making cash equities, equity capital market and equity research operations will save about $100 million in 2016, the London-based bank said in a statement on Thursday. It will keep its convertible bonds and equity derivatives businesses, as well as economic and fixed-in-come research.

Sands plans to cut $400 million of costs this year to stem profit declines that led the shares to plunge the most in six years in 2014.Standard Chartered stands apart from its peers in exiting the business of managing companies' share offerings as it unwinds an expansion pursued since the global financial crisis.