Standard Chartered said to cut Dubai jobs; plans more layoffs

London-based Standard Chartered has cut 11 jobs in Dubai, including those of four managing directors, Bloomberg has reported citing unnamed sources.

The report said the lender has removed Vikrant Bhansali, regional head of institutional sales; Farhan Aziz, head of credit solutions and Jillian Correa, regional head of flow, from their positions.

In a revamp that will be effective as of Jan 1, 2016, the lender announced plans to reduce management at a global level; and as a result, will have up to 25 percent fewer senior staff.

The bank is planning to lay off 250 of about 1,000 managing directors globally, with 50 of those positions being in its Middle East and North Africa operations, the report said.