Standard Chartered To Shut Equity Sales, Research Business

Standard Chartered said Thursday it is dismantling its stock brokering, equity research, and equity listing desks worldwide, eliminating about 200 jobs as it failed to build scale in the unprofitable businesses. The British bank will, however, continue to operate its convertible bonds, equity derivatives, macroeconomic research and fixed-income research units.

To prune about $100 million in annual costs by 2016

Standard Chartered Bank has been looking to sell or wind down under-performing or ancillary business units to bolster profit by reducing costs as part of a restructuring announcement made last year. The process includes last month's sale of its consumer...