Standard Chartered said it will stop providing financing to parts of the diamond and jewellery industries as part of a review of its exposure to risky sectors.

This is part of an 'aggressive and decisive set of action' to shore up the company.

The job cuts will affect almost a fifth of the bank's workforce.

As part of a cost-cutting plan, the bank is now dismantling its stock broking, equity research, and equity listing desks worldwide.