Standard Chartered to axe 80-100 branches globally under cost-cutting plan

Standard Chartered plans to cut 80-100 retail branches in 2015 as part of its plan to save $400 million a year to improve profitability, according to slides the Asia-focused bank released on an investor roadshow.

Standard Chartered said in the slides its retail bank's potential returns were being held back by high costs. It had 1,248 branches at the end of June. The bank is holding a three-day roadshow for analysts and investors to try to convince them it can revive the bank's fortunes after three profit warnings this year and several other problems.