Standard Chartered Plans to Cut 11% of Malaysia Jobs, Memo Shows

Standard Chartered Plc, the London-based lender that generates most of its earnings in Asia, plans to reduce headcount in Malaysia by 11 percent, according to a memo obtained by Bloomberg News.

The job cuts, to take place during the first quarter, will affect workers in teams including retail-client business and brand and marketing, the memo shows. Standard Chartered declined to comment on human resource matters in an e-mailed response.

“We are realigning staff and resources to meet the changing needs of our clients,” the company said. “Investing in better technology is a key element of our strategy which will see us moving quickly to adopt more digital and mobile channels that will allow our clients to enjoy easy and convenient banking solutions.”

Chief Executive Officer Peter Sands, who turns 53 tomorrow, is targeting about $400 million of cost savings this year as he tries to reverse profit declines. In the internal memo, Osman Morad, the Malaysian unit’s head, said the bank needed to “streamline” and invest in digital and mobile services.