Job cuts at Standard Chartered Bank Plc hits Ghana staff

Standard Chartered Bank Plc's decision to lay off some of its workers around the world is expected to affect personnel in Ghana, Joy Business sources say.

The Group recently announced that as part of efforts to improve its financial position, a global restructuring move will result in 15, 000 workers losing their jobs.

However, unlike layoffs at other multinationals where low level workers get axed, Standard Chartered’s has seen a lot of top line managers around the world including Ghana losing their jobs.

Joy Business sources say the staff retrenchment strategy at the Ghana subsidiary involves staff being asked to put in their own request to go home.

This will be the second round of layoffs at Standard Chartered (Ghana) after a similar exercise earlier this year.

Sources say because the exercise is voluntary for staff in Ghana, it will be difficult to give the actual number of workers that would be affected, however sources put the figure at over a hundred workers.

According the new Chief Executive of Standard Chartered Bank PLC, Bill Winters, that action is critical to put the bank on a strong footing after it recording one of its biggest loss of 139 million dollars.