Standard Chartered bank has begun making job cuts at its offices in Dubai and London, with 45 people in total to be made redundant.

Bloomberg reported that 20 people will be made redundant from the private bank’s wealth management division in the UAE, while 25 jobs will go in the UK.

All redundancies are expected to be finalised by October and completed by the end of the year, an individual familiar with the matter told Bloomberg.

It was announced at the end of July that the bank would cut hundreds of jobs worldwide from its global total of 85,000 employees. A statement from the bank at that time said the redundancy round was not the result of Covid-19 impacts.

The bank also cut 100 jobs from its retail segment in the UAE in October.

Standard Chartered’s CEO Bill Winters and its CFO Andy Halford agreed to take a 50 percent cut in their pension allowances in November.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

(imogen.lillywhite@refintiv.com)

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