Standard Chartered announced that it would close a swathe of its global equities business and axe 2,000 jobs around the world in 2015 as it tries to make savings of $400 million as part of a structural overhaul. The bank said it had already announced or completed 2,000 job cuts in its retail clients business in the past three months, but 2,000 more were 'expected during 2015' in the same segment. Closing its cash equities, equity capital market and equity research operations would lead to a further 200 job losses.

22 branches had been closed in the second half of 2014 and it expected to achieve its target of 80-100 closures.