Standard Chartered has decided shut down its unprofitable institutional cash equities, equity research and equity capital markets business to cut costs and boost profits. The company also revealed plans to cut another 2,000 jobs in its retail banking division, apart from the 2,000 already announced. The closure of the equities business is expected to resulting in 200 jobs being cut, mostly in Asia.

Together with branch closures that are also under way, the retail cuts will save $200 million.