Standard Chartered is reportedly preparing to make more hundreds of job cuts next month as it resumes its restructuring plan that was paused in the wake of the Covid-19 pandemic.

Next month, the bank will trim employee headcount across its businesses worldwide, Bloomberg reported citing people familiar with the matter.

Currently, the London-based bank employs as many as 85,000 people around the world.

Standard Chartered resumed the job cuts in the second half of 2020 to slash costs and cope with the impact of the pandemic, the report added.

In a statement, Standard Chartered said: “A number of roles are being made redundant in line with our commitment to transforming the bank to ensure its future competitiveness, work that has been underway for the last few years.”

The latest redundancies fall in line with Standard Chartered’s preparations for the “eventual” exit of its CEO Bill Winters.

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Standard Chartered head of investment and commercial banking operations Simon Cooper has now been positioned as the lead candidate for the next CEO, according to Bloomberg.

Last year in July, the lender said that it is retrenching a “small number of roles”.

Standard Chartered head of private banking Didier von Daeniken and several other senior managers have left the firm since then.

Recent redundancy plans

Last month, Germany’s Commerzbank decided to allocate a total of €610m ($745m) in the fourth quarter of 2020 to cover for planned job cuts.

Danske Bank inked a deal with the Financial Services Union (FSU) to shelve its redundancy programme for at least two years in Northern Ireland.

Meanwhile, Spanish banking group Banco Sabadell is reportedly looking to slash more jobs and form alliances with European lenders for product distribution.