British banking major Standard Chartered is planning to axe about 25% or 1,000 of its senior staff globally to slash operating cost.
The employees losing their jobs are expected to be notified by the end of November 2015.
The move is part of the plan announced by the bank in July 2015 to rationalize its business and slash costs by $1.8bn by the end of 2017, including $400 million in savings this year.
In a memo to staff, which was leaked on 9 October 2015, the bank’s CEO Bill Winters said, "Our situation requires decisive and immediate action. Each member of the management team has a mission to drive through improvements in our returns and part of this will be further streamlining of our organisation."
Winters, who took over as chief executive from Peter Sands in June 2015, has been working on a strategy to restore profitability.
In August, the bank reveled that it had slashed its work force by 5%, or about 5,000 jobs, since the end of 2014.