As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Activists with Black Lives Matter, who met privately with Buttigieg in the weeks after police shot and killed Eric Logan, say the 37-year-old mayor brushed off their concerns...2020 Electionsread more
Trump said he "is revoking" a federal waiver that allowed the state to craft its own rules on greenhouse gas emissions from vehicles.Politicsread more
Wall Street economists think the Fed will cut rates by 25 basis points at its September meeting but have differing views about what will happen in the future.Marketsread more
FedEx CEO Fred Smith mentioned Amazon as one of his competitors during Tuesday's earnings call, a shift in stance for a company that's long downplayed Amazon's move into the...Technologyread more
J.P. Morgan Chase chief Dimon says he doesn't think the U.S. is close to recession and called the Fed's Powell "a quality human."Marketsread more
Check out the companies making headlines in midday trading.Market Insiderread more
Drone and missile debris recovered by investigators at the Saudi Aramco attack site is proof of Iranian culpability, a Saudi defense ministry representative told media on...World Politicsread more
FedEx CEO Fred Smith is "basically implying that we're going to import" a global slowdown, says CNBC's Jim Cramer.Investingread more
The unspecified action comes after the U.S. accused Iran of carrying out the weekend attacks on critical Saudi oil installations.Politicsread more
Four Wall Street firms downgraded FedEx after the company's poor earnings report.Marketsread more
Standard Chartered is closing the bulk of its global equities business and axing 4,000 retail banking jobs as Peter Sands moves to aggressively cut costs to reverse the Asia-focused bank's fortunes, according to a memo seen by Reuters.
As part of a cost-cutting plan, the bank is now dismantling its stock broking, equity research, and equity listing desks worldwide, cutting around 200 jobs and exiting a business that it views as non-core and unprofitable.
That is expected to save the bank around $100 million in 2016, while the memo said the lay-offs at its retail banking division will save $200 million in 2015.
The cuts come after rating agency Standard & Poor's hit the London-based bank with its first ever credit rating downgrade in November following three profit warnings in less than 12 months and rising losses from bad loans.
Sands, who had achieved a decade of record profits up until 2013, is now under pressure from shareholders to turn Standard Chartered around and has promised to deliver $400 million of savings already in 2015.
"They announced the cost-saving plan last year and today they are carrying out the action. This would certainly help improve the bank's profits," said Steven Chan, an analyst at Maybank Kim Eng Securities in Hong Kong.
Bankers in Standard Chartered's equities division in Hong Kong arrived on Thursday to find they were locked out of the office, while some in Singapore were escorted from their workplaces.
"We came in this morning and were told the equity business was being shut down," a woman who identified herself as an ex-employee at the bank's offices in Singapore's business district told Reuters.
She said she had worked in research and had been with the bank for three years.
Standard Chartered shares in Hong Kong were up 1.8 percent at 0333 GMT, as investors welcomed the cost-cutting move.
The decision to exit equities marks a reversal in strategy for the bank, which had been hiring staff in the division as recently as October last year.
Standard Chartered would be one of the first global banks to completely exit the equity capital markets business, which involves underwriting stock offerings for companies.
The move comes despite a boom in equity underwritings in Asia that saw fees for the industry rise 74 percent in 2014 after a three-year decline.
Standard Chartered launched its equities business in November 2008 when it acquired brokerage Cazenove from JPMorgan. It has struggled to make headway in the business, failing to rank among the top ten banks globally for research or trading at the end of 2013, according to a survey by Greenwich Associates.
The memo said that the bank would though retain its equity derivatives business as well as its convertible bond and macro economic research units.