Standard Chartered has, reportedly, decided to shut down its Swiss private bank after it failed to find a suitable buyer for the business.
"We have moved the majority of accounts to our other booking centres, e.g. Jersey, London and Dubai," the spokeswoman of the bank said in an emailed statement to Reuters.
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However, the Asia-focused bank didn’t reveal the exact number of staff affected by the closure, though the spokeswoman revealed that this number was less than 50.
According to the bank’s website, its Swiss arm has 70 employees.
However, the Swiss unit will continue to cater its institutional and corporate clients.
The bank is looking to sell the Swiss private bank to sharpen its focus on Asia, Africa and the Middle East, which generates roughly 90% of the bank’s profits in February last year.
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By GlobalDataLast week, Standard Chartered decided shut down its unprofitable institutional cash equities, equity research and equity capital markets business to cut costs and boost profits.
