Standard Chartered has announced the closure of its institutional cash equities, equity research and equity capital markets (ECM) activities, as the banking group continues to exit or reconfigure non-core and underperforming businesses.

Peter Sands, Group CEO, said: “We are demonstrating action and progress as the management team focuses on delivering returns for shareholders. We are continuing to take significant action on costs by exiting or reconfiguring non-core and underperforming businesses, and by increasing the efficiency of our core businesses.”

“We are well on track to deliver at least $400m of cost saves for 2015, and we are now focusing on achieving further cost savings for 2016 and beyond as we continue creating capacity to invest in the Group’s core businesses,” he said.

The UK bank said the closure of the loss-making institutional cash equities, equity research and ECM operations will deliver around $100m of cost savings in 2016, and will impact approximately 200 roles across seven of the Group’s 70 markets.

In 2015 run-rate savings will broadly offset restructuring costs.

The closure will free up the bank to focus more on its core commercial and trade finance businesses.

The Group will continue to develop its capabilities in convertible bonds, equity derivatives and macro-economic and fixed income research in support of its core businesses.

The Group will continue to provide strategic advice to its clients on equity financing.

Exiting or reconfiguring non-core and underperforming businesses will also contribute to the Group’s performance and the optimisation of capital deployment.

Last year the Group announced the sale or closure of its consumer finance businesses in China, Hong Kong, Germany and Korea; its retail bank in Lebanon; retail securities in Taiwan; commercial leasing subsidiaries in Pakistan, private banking activities in Geneva and various SME portfolios, in particular in the UAE.

In addition, the Group exited minority stakes in non-core investments including Travelex and Fleming Family & Partners.

"The decision to close the equities business does not impact African operations, given we never offered this service in the region," commented Standard Chartered.