Standard Chartered has announced it is to exit its institutional equities business as it confirmed that another 2,000 jobs in its retail division will be axed this year.
The group has reported that it will close its institutional cash equities, equity research and equity capital markets activities, which is expected to deliver approximately $100m (£66.4m) in savings in 2016.
In a statement, Standard Chartered revealed that it is already on track to cut costs by at least $400m in 2015.
The group confirmed that its strategy of switching to digital in its retail business has resulted in 2,000 job cuts announced or completed in the last three months.
It closed 22 branches in the second half of 2014 and is on target for 80 to 100 closures as part of its aim to achieve $200m of savings in 2015 in the retail segment of the business.
Standard Chartered stated that it will continue to operate in convertible bonds, equity derivatives and macroeconomic and fixed income research.
Peter Sands, group chief executive, said: “We are demonstrating action and progress as the management team focuses on delivering returns for shareholders. We are continuing to take significant action on costs by exiting or reconfiguring non-core and underperforming businesses, and by increasing the efficiency of our core businesses.”
He added: “We are well on track to deliver at least $400m of cost saves for 2015, and we are now focussing on achieving further cost savings for 2016 and beyond as we continue creating capacity to invest in the Group’s core businesses.”