Updated 8th January 2015 7:15pm :
The wave of sensationalised headlines earlier today painted a bleak but incorrect picture for Standard Chartered equities business. The use of wordings like “all”, “worldwide” and “global” led to a misunderstanding among many, myself included. A more accurate description would be the closure of the “bulk” of their global equities business. Standchart clarified in a later statement that “its retail clients will not be affected from the bank’s closure of its institutional cash equities, equity research and equities capital market (ECM) business. The exit of the institutional equities part will not have an impact on the retail clients in terms of executing any trades in equities,” its spokesman said. Couldn’t get through the equities hotline earlier to verify the situation, thus the update only now. Staff clarified that the shutdown only impacts institutional equities unit but retail investors like you and me will not be affected. This is not a short term or transitional arrangement. There are no plans to shutter the retail equities unit.
Read the accurate news articles here :
Standard Chartered to close equities business worldwide ‘with immediate effect’
Standard Chartered confirms about 200 layoffs in region with equities wing closure
Updated 8th January 2015 10:05pm :
Standard Chartered Facebook clarifies investors concerns.
Good things have come to an end, I suppose. News reports of Standard Chartered closing its “global equities business” (including Singapore, of course) started making its rounds a few hours earlier. Waiting for more updates on how our shares will be handled as a result of these sudden events.
Reuters reported that some Standard Chartered staff in Singapore its equity business were escorted from their workplaces when they arrived there this morning. “We came in this morning and were told the equity business was being shut down,” a woman who identified herself as an ex-employee at the bank’s offices in Singapore’s business district told Reuters.