City bank Standard Chartered will shed 15,000 jobs in a cost-cutting measure expected to raise $5.1billion (£3.3billion).
The redundancies at the London-based firm, which employs 86,000, will be made by 2018.
The BBC website reported the bank intends to form a “focussed and well-capitalised group” by spending the £3billion on reorganisation costs and balancing the books.
It reported a “disappointing” third-quarter pre-tax loss of $139m for the three months to September, compared with a profit of $1.5bn for the same period last year.
Very few details regarding the restructuring have been released, including where the jobs will go.
But it could include businesses the bank plans to sell.
It has also axed its final year dividend to save cash.
Bill Winters, former co-head of JP Morgan, took on the role of chief executive in June and immediately announced a review.
He installed a new management team and what he called “an aggressive and decisive set of actions”.
The restructure could help the Asia-focussed bank improve its capital ratios, according to The Telegraph , as it reduces its position in risky markets in China and India.