Standard Chartered Securities is set to axe close to 30 jobs from its India business as it is winding down operations in the country.
People familiar with the development said retrenchment letters have already been given to a few employees.
“Close to 30 people are going to be laid off as a part of the cost-cutting exercise, whereas about approximately five more will absorbed in the business. A couple of them would be senior-level executives, whereas the others would be from the mid-level,” said a person familiar with the development. Standard Chartered declined to comment.
Another person privy to the information told Business Standard the whole process of winding up the business could take up to a month.
“The retrenchment package typically includes three months’ salary, along with a severance package based on the number of years the employee has served with the organisation,” said the person quoted above.
Standard Chartered Securities (India) has a presence in 19 locations and has 27 branches, according to information on its website.
The lender had mentioned that closing down of the loss-making institutional cash equities, equity research and ECM (equities capital market) operations will impact approximately 200 roles across seven markets.
This will also translate into cost savings of around $100 million in 2016.
How to cope with layoffs
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MUST READ: Surviving Layoffs
