Standard Chartered says it will close a swathe of its global equities business and axe 2,000 jobs around the world this year as it tries to make savings of $US400 million ($A432.78 million) as part of a structural overhaul.
The Asia-focused British bank said it had already announced or completed 2,000 job cuts in its retail clients business in the past three months, but 2,000 more were "expected during 2015" in the same segment.
Closing its cash equities, equity capital market and equity research operations would lead to a further 200 job losses, it said in a statement.
"We are well on track to deliver at least $US400 million of cost saves for 2015, and we are now focusing on achieving further cost savings for 2016 and beyond as we continue creating capacity to invest in the group's core businesses," chief executive Peter Sands said.
Cuts in the retail clients business would contribute to around half of the planned $US400 million savings for 2015.
The closure of the equities operations would deliver around $US100 million in savings next year, it said.
"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," Sands said.
The statement added that 22 branches had been closed in the second half of 2014 and it expected to achieve its target of 80-100 closures.
Hong Kong-listed shares in the bank rose 2.86 per cent to close at HK$115 on Thursday, while the benchmark Hang Seng Index rose 0.65 per cent.
Standard Chartered, which makes 90 per cent of its profits in Asia, the Middle East and Africa, had its net profit fall 16 per cent for 2013 as it faced increased competition in Asia and troubles turning around its South Korean unit.
In August US regulators hit it with a $US300 million fine and restrictions on its US dollar-clearing business for failing to detect possible money-laundering.
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