Passersby walk in front of the main branch of Standard Chartered in Hong Kong January 8, 2015.REUTERS/Bobby Yip
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Standard Chartered Plc is shutting its institutional equities business and eliminating about 4,000 jobs at its consumer operations as Chief Executive Officer Peter Sands seeks to restore the U.K. bank's profit growth.The bank is "on track" to lower costs by at least $400 million this year after eliminating about 2,000 consumer-banking jobs in the past three months, with plans to cut that many again in 2015, it said in a statement from London Thursday. Royal Bank of Scotland Group Plc, the U.K.'s largest government-owned bank, has also shut its cash equities and equity capital markets operations as regulators pressure banks to hold more capital versus risks.Standard & Poor's downgraded the bank in November for the first time in 20 years, after the lender forecast a second year of declining profits.Most of the jobs cut from the equities withdrawal are in Asia, a spokesman for Standard Chartered said, asking not to be identified. The U.K. bank announced last year the sale or closing of businesses including consumer finance in China, Hong Kong, Germany and South Korea, its retail bank in Lebanon and private banking in Geneva.
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