Standard Chartered Bank, after persistent denials, has confirmed imminent sack of 1,000 senior staff to reduce cost, according to an internal memo sent to staff.

The move was confirmed by Bill Winters, the CEO of Standard Chartered.

The Internal Memo read in part: “that there would be further personnel changes to come. We have already acted to reduce management layers, and a result will have up to 25% fewer senior staff.”

The decision is expected to affect about 4,000 bankers in the grades selected.

The bank has 88,000 employees in total, growing rapidly from about 44,000 in 2005.