UK multinational banking group Standard Chartered is to trim its private equity division, Bloomberg has reported, cutting its staff numbers by around 12 per cent.
Standard Chartered Private Equity has operations in Africa, the Middle East and Asia, and has invested almost $4bn to date in mid- to late-stage companies across a range of industries.
The firm’s Asia team will see the majority of losses, the report noted, resulting in a total workforce of around 100. Managing director Udai Dhawan was recently named India head.
The bank recently admitted that its double-digit growth targets were unlikely to be met due to a wider slowdown in the developing economies in which it operates.
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