Standard Chartered’s pre-tax profits fell 16% to $1.5bn in the third quarter of 2014 compared to $1.83bn a year ago.
In an interim management statement, the Asia-focused bank said operating income was $4.51bn, while it totaled $4.47bn last year.
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The lender’s private banking segment reported operating income of $155m, up from $142m a year ago.
The bank said it would target a further $400m in cost reductions for 2015. As a part of this strategy, it will cut branches and sell more non-core assets.
"While some of these actions will [affect] near-term performance, they are crucial to getting us back to a trajectory of sustainable, profitable growth," Peter Sands, group chief executive said.
The bank also said it expects second-half underlying profit to be lower than a year earlier, partly due a higher U.K. bank levy, regulatory and restructuring costs.
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