Standard Chartered has registered a loss before tax of $139m for the third quarter of 2015, compared to a profit before tax of $1.53bn in the year-ago quarter.
For the quarter ended 30 September 2015, the bank’s operating income dropped 18.4% to $3.68bn from $4.51bn a year earlier.
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The bank’s transaction banking income stood at $832m, a fall of 13.1% from $958m in the third quarter of 2014.
Income from retail clients in the third quarter was down by 16% to $1.3bn, while income from retail products declined 19% year-on-year to $977m.
Commenting on the bank’s performance, Standard Chartered group chief executive Bill Winters said: "The business environment in our markets remains challenging and our recent performance is disappointing."
Standard Chartered has plans to axe 15,000 jobs by 2018 and raise $5.1bn in new capital through a rights issue. About $3bn will be used for the bank’s restructuring costs, while the remaining amount will be used to boost its balance sheet.
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By GlobalDataThe bank also plans to manage $100bn of risk-weighted assets that would be restructured or reduced in the next three years.
"This comprehensive programme of actions will result in a lean, focused and well capitalised international bank, poised for growth across our dynamic and growing markets in Asia, Africa and the Middle East," Winters remarked.
