StanChart cuts 1,300 jobs this year, expects net increase

LONDON | Tue Jun 28, 2011 8:28am BST

LONDON (Reuters) - Standard Chartered reduced its staff numbers by about 1,300 in the first five months of this year as it restrained costs, but said it expects to increase investment in the second half of the year and add more staff.

Richard Meddings, finance director, said on a conference call the bank is likely to see a net increase in staff this year, in line with previous guidance of a 1,000 rise or slightly less. The bank had 85,000 employees at the start of the year.

Meddings was speaking after the bank said it was on course for record half-year income and profits.

(Reporting by Steve Slater; Editing by Hans-Juergen Peters)

Source: http://uk.reuters.com/article/2011/06/28/uk-stanchart-idUKTRE75R0V120110628?feedType=RSS&feedName=businessNews

global agenda cgc plato lou reed good morning america gma stanley cup